Crypto "Finfluencers" are getting more attention in Australia

It has been cautioned that Australian crypto influencers face fines or prosecution if they share anything that does not adhere to the law.

Conclusion

  1. There are rules for people who have a big impact on the money.
  2. The regulator says that anyone who gives financial advice must have a license.
  3. It might be because of "penny stocks and other crypto shitcoins" promotions, a blogger says.

People who make money by being an influencer have to follow rules about financial products and services. ASIC has put out a sheet that explains how these rules apply to people who make money by being an influencer.

In addition, it gives advice to Australian financial services (AFS) licensees who use influencers to spread the word about their goods.

Influencers who don't have an AFS license should not give financial product or service advice, ASIC says. They also can't give misleading or deceptive information. The Corporations Act has harsh penalties, including up to five years in prison for an individual and fines that can run into the millions of dollars for a business.

Info sheet: "Think about your content and whether you are providing unlicensed financial services, such as giving financial product advice or arranging for someone else to do so."

"Penny stocks and a lot of other crypto shitcoins" are the reason "the regulator feels compelled to take action," says Dave Gow, an Australian financial blogger.

Almost anything that is written could make someone want to invest or use a financial product, Gow said in his blog. So, when someone asks who we insured our house with, I can't say. What kind of bank or super fund do I use? I can't answer that either.

It's a big deal in Australia because they don't allow Meta to be used

These restrictions come after another Australian watchdog sued Meta, which used to be Facebook, over fake crypto ads. Facebook has been accused of "false, misleading, or deceptive conduct" by the Australian Competition and Consumer Commission (ACCC). The most popular social media platform has been posting scam ads with prominent Australian public figures in them.

The alleged crypto scams are also being pushed by some well-known Aussies, like businessman Dick Smith and TV host David Koch.

Australia, on the other hand, has made it more difficult for not only scammers but also bloggers and experts in the field of money.

Gow says that bloggers should change old content, talk less about investing, and not talk about any financial products, funds, or other things.

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