EUROPEAN SUPERVISORY AUTHORITIES FOR SECURITIES, BANKING, AND INSURANCE AND PENSIONS HAVE ISSUED A PAN-EU WARNING TO CONSUMERS REGARDING THE RISKS OF BUYING VIRTUAL CURRENCIES

The European Supervisory Authorities (ESA) for securities (ESMA), banking (EBA), and insurance and pensions (EIOPA) on 12th February issued a warning regarding the risks of buying Virtual Currencies (VC).  The ESA are concerned that an increasing number of consumers are buying VC unaware of the risks involved.  VC such as Bitcoin, are subject to extreme price volatility and have shown clear signs of a pricing bubble and consumers buying VC should be aware that there is a high risk that they will lose a large amount, or even all, of the money invested.

https://www.esma.europa.eu/press-news/esma-news/esas-warn-consumers-risks-in-buying-virtual-currencies

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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