EU Regulator’s Bold Statement: ‘No Such Thing as Safe Cryptocurrency’

  • The European Securities and Markets Authority (ESMA) has issued a warning to cryptocurrency investors.
  • ESMA has proposed rules for Crypto-Asset Service Providers (CASPs) to address conflicts of interest and handle customer complaints.
  • Verena Ross, the head of the agency, has emphasized that there is no such thing as a ‘safe cryptocurrency/asset’ despite the introduction of MiCA regulations.

ESMA Issues Warning to Cryptocurrency Investors

The European Securities and Markets Authority (ESMA), the body responsible for overseeing the implementation and technical developments of the EU’s MiCA crypto regulations package, has issued a cautionary statement to cryptocurrency investors. This warning comes as part of the agency’s efforts to regulate the burgeoning cryptocurrency market and protect investors from potential risks.

New Rules for Crypto-Asset Service Providers

In addition to the investor warning, ESMA has put forward a set of proposed rules for Crypto-Asset Service Providers (CASPs). These rules are aimed at preventing conflicts of interest and outlining how crypto companies should handle customer complaints. The proposed rules are part of a broader package aimed at regulating the cryptocurrency market and providing a safer environment for investors.

No Such Thing as a ‘Safe Cryptocurrency’

Verena Ross, the head of ESMA, has issued a stern warning to investors. Despite the introduction of the MiCA regulations, she emphasized that there is no such thing as a ‘safe cryptocurrency/asset’. This statement underscores the inherent risks associated with investing in cryptocurrencies, even in a regulated market. The new rules proposed by ESMA are open for interpretation by participants in the crypto industry, who have until September 20 to provide feedback to the agency.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

El Salvador Boosts Bitcoin Reserves to 6,200.18 Coins Worth Over $6.52 Billion

According to recent data released by the Ministry of...

Bitcoin Faces $1.1 Billion Short Liquidation Surge if Price Tops $106,000, Coinglass Data Reveals

According to recent data from Coinglass, a significant threshold...

LD Capital’s Trend Research Withdraws 4,000 ETH from CEX, Holding 139,417 ETH Worth $347M

LD Capital's Trend Research recently executed a significant on-chain...

Tether Lending Collateral Wallet Deposits 200 BTC to Binance Amid Bitcoin’s Surge to $100,000

According to LookIntoChain data reported by COINOTAG News on...

Mempool Warns Bitcoin Users of Phishing Scams Claiming Fake Crypto Recovery Services

Mempool, the renowned Bitcoin mempool and blockchain explorer, has...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img