ASIC chairman warns new crypto rules need more time

Australian Securities and Investment Commission chairman Joe Longo punctured the crypto industry’s enthusiasm for federal regulation, warning it will take time to finalise licensing to avoid high-profile collapses like that of US crypto exchange FTX.

Investor Mark Carnegie told The Australian Financial Review Crypto Summit that spruikers had “made common cause with criminals and scumbags for far too long by virtue of the bull market” and the crypto sector “have nobody to blame but ourselves” for new regulation around the world.