What happened
Research from financial platform psyfi money revealed that major AI chatbots, including ChatGPT, Claude, and Gemini, routinely provide inaccurate cryptocurrency pricing and deceptive regulatory guidance to Australian users. Every tested AI model returned incorrect prices for at least 45 of 50 top digital assets, with Gemini off by an average of 765 per cent. Claude also recommended unlicensed platforms to beginners.
Why it matters here
With around one-third of Australians holding digital assets and 61 per cent of retail investors utilizing AI tools, automated errors pose real financial and tax compliance risks. Incorrect price feeds or flawed advice regarding capital gains tax obligations can result in severe unexpected liabilities from the Australian Taxation Office or financial loss on unregistered exchanges.
What to watch
Further regulatory announcements from ASIC and the Australian Taxation Office regarding retail investor use of automated tools and digital asset tax reporting standards.
Source
financialnewswire.com.au