Australian Minister Says Government Has 'No Issue' With Crypto Investment

Senator Jane Hume also said cryptocurrencies are "an asset class that will grow in importance."

May 20, 2021 at 8:54 a.m. UTC
Updated Sep 14, 2021 at 12:58 p.m. UTC

An Australian federal minister says the government has no objection to people investing in crypto assets, though she also warned of the risks.

  • As reported by the U.K.'s Daily Mail, Senator Jane Hume, the minister for financial services and the digital economy, said, "We take no issue with consumers investing in cryptocurrencies."
  • She warned that investors should be aware of the risks, saying cryptocurrencies are "volatile, high-risk assets."
  • Speaking at the Stockbrokers and Financial Advisers Association Conference in Sydney on Thursday, Hume noted that crypto assets are unregulated.
  • "But like investment in any asset class, they are subject to Australian law, including our market conduct, know-your-client and tax laws. It is not a free pass," she said.
  • Hume further stated that cryptocurrencies are "not a fad," adding that they are "an asset class that will grow in importance."
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