Aussie crypto 'finfluencers' face tough new legal restrictions

Australian securities regulators are taking a stand against financially influential people who they believe are misleading the public with crypto information. The Australian Securities and Investment Commission's (ASIC) new warnings about the appropriate behavior for financially influential people could have a dramatic effect. Local crypto industry.

ASIC's latest data sheet outlines trap influencers and the companies that hire them may intentionally or unintentionally fall during the promotion of financial products. Failure to comply with ASIC's warning could result in a fine of up to five million dollars for the corporation and up to five years in prison for individuals.

Although it does not specifically address crypto influencers, the guidelines certainly apply to them because cryptocurrency investment services are seen as financial products. For those financially influential or 'finfluencers' who are not sure whether their brand is violating the law, ASIC writes: Think carefully about your content and whether you are providing unlicensed financial services.