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Australian Investment Platforms Merge Crypto and Securities Exposure on the Same Platform

2 mins
8 March 2023, 10:02 GMT+0000
Updated by Kyle Baird
8 March 2023, 10:02 GMT+0000
In Brief
  • Australian companies are now giving investors the choice to exchange both listed securities and cryptocurrencies.
  • The securities regulator recently warned against a multiple-asset class business model.
  • ASIC has identified that expanding cryptocurrency regulations is one of its main enforcement priorities for 2023.
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Some investment platforms operating in Australia now allow investors to exchange both listed securities and crypto on the same platform.

According to a report by the Australian Financial Review, the country’s finance regulator has warned about the business model.

The Australian Securities and Investments Commission (ASIC) is cautioning investors to think “carefully” before pursuing the model where brokers could add multiple asset class exposures.

Syfe, eToro Offer ‘One-Stop’ Crypto Services

The wealth management platform Syfe, headquartered in Singapore, provides investments in traditional securities and cryptocurrencies. After entering the Australian market last year, Syfe became one of the companies that adopted a ‘one-stop’ business strategy. It reportedly added more than 2,000 stocks and exchange-traded funds to its platform.

Syfe Australia general manager Tim Wallace told the paper, “We’ve built a solution now that seeks to cut through the noise, complexity and choice that exists in the Australian market.”

He continued about deploying Australian shares, U.S. shares, and some specific cryptocurrencies all on the same network. According to Wallace, it is an innovation that can’t be “undersold.”

Meanwhile, eToro has also started covertly testing a regional stock market product with a small selection of ASX companies. Australian Securities Exchange, or ASX, is Australia’s primary securities exchange. Therefore, the multi-asset brokerage firm has enabled investors to trade both cryptocurrencies and conventional stocks on the same platform.

Diversification is one of the most crucial components of any investment portfolio, an eToro spokesman told the media source.

“As a multi-asset broker, eToro offers our users a diversified range of asset classes to invest in alongside a wide range of educational materials to support their financial education,” he added.

ASIC Investment Priority and Upcoming Regulations

ASIC has identified that expanding crypto regulations is one of its main enforcement priorities for 2023.

The watchdog recently stressed that it would “address misconduct, market integrity threats and consumer harms in sectors including financial services, retail and crypto-assets.” Since 2022, Australian financial regulators have stated that they will impose stricter rules on the cryptocurrency sector. The nation’s businesses are obligated to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

These businesses must also follow anti-money laundering (AML) and counter-terrorism funding (CTF) regulations. The regime also declared the start of a token mapping operation in August 2022. However, according to Treasury documents cited by media sources, a comprehensive crypto regulatory framework won’t be put in place in Australia until after this year.

BeInCrypto previously referenced these documents indicating that the Treasury now has a distinct “crypto policy unit” for forming new legislation.


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