From financialnewswire.com.au: Joe Longo, chair of ASIC, reaffirmed his stance on cryptocurrencies during a Senate Estimates hearing, claiming that they are highly speculative and risky investments that should be approached with caution.

While cryptocurrency is regulated under existing laws, it does not mean it is illegal, and he intends to continue warning consumers about potential losses.

Longo highlighted the need for greater transparency in the crypto space and confirmed ASIC’s commitment to regulating cryptocurrency activities.