Australian crypto ownership warrants consumer protection, says regulator
The Hindu
The Australian Securities and Investments Commission (ASIC) survey of 1,053 retail investors found 44% reported holding cryptocurrency
Nearly half of Australian retail investors owned cryptocurrency in late 2021 and more got their information from YouTube videos than from financial advisers, the securities watchdog said on Thursday, calling the data a "strong case for regulation".
(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)
The Australian Securities and Investments Commission (ASIC) survey of 1,053 retail investors, conducted last November, found 44% reported holding cryptocurrency, making it the second most popular investment after Australian shares.
A quarter of the investors surveyed who held cryptocurrency said it was their only investment.
The data will add to pressure on Australia's new Labour government to emphasise consumer protection as it takes over a years-long study, started under the previous conservative government, on whether and how to regulate the digital assets.
It also legitimises widely circulated statistics about high rates of Australian cryptocurrency ownership which last year were dismissed as "implausible" by a top central bank official.
The survey also showed 41% of respondents went to a social media outlet for investment information, with 20% naming Alphabet Inc's Youtube and 11% naming Meta Platforms' Facebook.
Union Minister Ashwini Vaishnaw launches three initiatives to enhance India's creative economy through AI training, citizen platforms, and advanced tech access.
Two Indian-flagged LPG tankers approach the Strait of Hormuz, navigating safely amidst regional tensions to reach Indian ports.
Gold and silver prices plummet over 7% due to West Asia tensions, inflation fears, and a stronger dollar.
Asian shares fall as rising oil prices and escalating Iran conflict diminish hopes for U.S. interest rate cuts.
Japan's SoftBank Group said Saturday it plans to build a huge new gas-fired power plant in the US state of Ohio
Silver prices plunge 9% to ₹2.06 lakh per kg in futures trade amid weak global cues and rising macroeconomic pressures.
OpenAI plans to nearly double its workforce to 8,000 from 4,500 by the end of 2026, the Financial Times reported on Saturday, citing two people with knowledge
Global equity markets plummet as West Asia tensions rise and oil prices surge, triggering significant investor anxiety.
The rupee hits a record low of 93.94 against the dollar amid foreign fund outflows and a crashing equity market.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.