RE: Top ways to invest in Terra (Luna) Network
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Take some care, ASIC are looking for "finfluencers" and a this disclaimer is likely not to be any defence.
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You are viewing a single comment's thread:
Take some care, ASIC are looking for "finfluencers" and a this disclaimer is likely not to be any defence.
I've been following and have also shelled out quite a bit on legal fees for the project I am building.
New ASIC regs have put a slight delay on a lot of things.
In relation to my posts on Leo Finance this is another thing I am following up (I have a background in law and gov regulation but it is never a good idea to do your own work always pay an independent person which I am).
The questions posed are:
Does receiving Hive and Leo tokens constitute as kick backs because I am being paid to report on news.
Do I need a financial services licence to do so and if so, does mainstream media journalists who report on financial products also require one.
The answer to the first one is unclear and ASIC can not currently provide advice and request seeking legal advice. However, the same barrier arises with the ATO who say seek professional financial services advice. This industry is very new and no one knows, there are no precedents as yet. It is similar to the court case against UBER when it first launched, where does it fit? In time more clarity will arise.
The answer to the second one is no. But can ASIC build a case that you're attempting to sway the market and benefit. Simple solution is to ensure you disclose any personal conflicts of interest and be careful with wording. Also, as my legal advice put it. They're more after the people who are promoting tokens that they also hold large amounts and then sell off into once they are high and run off with the profits.
After assessing Hive and Leo tokens value and circulating supply, it is near impossible for me to be able to influence big gains. But then, Hive and Leo also fall into a completely seperate category as it also includes social media. It is all unclear, main thing. Don't rip people off, don't scam people and make sure to pay your taxes.