Cryptocurrency schemes run amok have been in Australia over past couple of months. The losses suffered by unsuspecting investment have reached into millions. The supposedly transparent characteristics of cryptocurrencies have ironically created an environment which is ideal for such fraudulent schemes to thrive due to lack of effective controls.

One such investment involves schemes like pump and dump which has left investors with empty pockets. Opaque regulations have nurtured these bad actors’ growth. Yet, it is a big letdown for the investors as there will be no solution for remedy and claims.

However, the fact that the Australian government did little to nothing towards these matters for a long time makes it all worse. As other countries come up with strict laws, Australia takes time and gives these crypto schemes a place. Lack of an extensive regulatory regime does not simply fail to safeguard the investors, but it also calls for the dubiousness of whole cryptocurrencies market.

With increasing loses and public outrage, the necessity of legal intervention becomes apparent. There is need for urgent implementation of policies that protect Australian investor and promote orderly development of the cryptocurrency market.However, until that time, the country will remain vulnerable to fraudulent activities and investors’ investments will be hanging with fear.