‘Complex and volatile’: cryptocurrencies should be regulated by financial watchdogs, say consumer advocates

Consumer group Choice says the federal government should ‘strongly consider regulating all crypto assets under the existing financial product regulatory regime’. Photograph: Joel Carrett/AAP

Consumer groups have called for strong financial regulation of cryptocurrency markets and investments in Australia, saying crypto assets are “complex, volatile and high-risk products that can cause harm to Australian consumers.”

In a submission to the federal treasury’s consultation paper on cryptocurrency, consumer group Choice has urged the federal government to “strongly consider regulating all crypto assets under the existing financial product regulatory regime for better outcomes for consumers and the community”.