Crypto Influencers Face Legal Restrictions in Australia & Aussie Stores to Accept Crypto Payments
- Australian Securities and Investment Commission is taking a stand against financial influencers.
- ASIC’s recent Information Sheet outlines the pitfalls that influencers and the companies that hire them may fall into.
- Australia’s convenience store giant to accept crypto at 170 outlets.
- Australia’s customers will be able to pay for gas, snacks, and even a Subway foot long in over 30 cryptocurrencies as a result of the move.
The Australian Securities and Investment Commission is taking a stand against financial influencers. The stand is taken against those who Australian Securities and Investments Commission (ASIC) believes are misleading the general public about cryptocurrency. The ASIC’s new warnings on appropriate financial influencer behavior could have a significant impact on the local crypto industry.
ASIC’s recent Information Sheet outlines the pitfalls that influencers and the companies that hire them may fall into. They may fall into it when promoting financial products, whether intentionally or unintentionally. Failure to heed ASIC’s warnings could result in fines of millions of dollars for corporations and up to five years in prison for individuals.
Although it does not specifically mention cryptocurrency influencers, the guidelines do apply to them because cryptocurrency investing services are considered financial products. ASIC informs financial influencers or ‘finfluencers’ who are unsure whether their brand is breaking the law to think about their content carefully. They should even think about whether they are providing unlicensed financial services or not.
Individual influencers must be cautious about how they promote financial products under Australia’s Corporations Act. The corporations must keep a close eye on their hired influencers to ensure no rules are broken. The commission provides several case studies that provide context that may aid in determining whether an individual or company is promoting financial services or not.
On the other hand, Australia’s convenience store giant plans to accept crypto payments at 170 outlets. On The Run (OTR) will collaborate with Crypto.com to implement its Pay Merchant product, with a Sydney payment systems provider deploying new terminals to allow customers to pay with cryptocurrency.
The South Australian and Victorian convenience store and gas station chains will soon accept cryptocurrency payments. Customers will be able to pay for gas, snacks, and even a Subway foot long in over 30 cryptocurrencies as a result of the move.
As cryptocurrency use grows in Australia, the Australian government is figuring out how to regulate and address it. As a result, many Senator has supported the proposal to make Australia a “crypto hub”.