EU warned against the dangers of cryptocurrencies
The EU regulators have advised investors to be wary of promises of quick or high returns
18.03.2022 - 12:30
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What’s new? The European Union’s securities, banking and insurance regulators have warned investors of the dangers of losing funds invested in cryptocurrency. The regulators believe that users are largely unaware of the risks associated with digital assets. This applies not only to ВТС and EТН, which make up 60% of the crypto market but also other altcoins, the regulators added.
Information on the Reuters website
What does the EU say? According to the document, consumers should be aware of the environmental impact caused by the high energy consumption of mining some assets. The regulators added that users should be wary of promises of quick or high returns.
“Consumers should be alert to the risks of misleading advertisements, including via social media and influencers,” European regulators say.
What had happened before? In January, the UK Advertising Standards Authority (ASA) banned ads from Crypto.com. The ASA claimed that Crypto.com’s advertising campaign was misleading because it failed to illustrate investments risks. Spain's National Securities Market Commission (CNMV) has decided to tighten its requirements for advertising cryptocurrencies. The campaigners must now leave a disclaimer about the unregulated status of digital assets and their volatility.
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