Verena Ross is the European Securities and Markets Authority’s Executive Director, and she emphasized her bureau’s warning to cryptocurrency investors.
The chair of Europe’s top securities regulator advised about the cautionary lesson investors can learn from the recent virtual currency meltdown.
We desire our readers to be safe in their cryptocurrency investment journeys. We believe this report will facilitate them to be aware of the virtual currency market’s issues, so we are sharing it on our website.
Based on the report posted online by global business publication the Financial Times, Ross affirmed that she felt worried about the recent cryptocurrency market bloodbath’s implications for small investors.
Additionally, she remarked that she thought there was a genuine question regarding whether many crypto-assets will survive.
Ross pointed out that she hoped virtual currency investors would realize her concern and take a cautionary lesson, at least, to reflect on how much investment funds they pour into cryptocurrencies.
The European Securities and Markets Authority’s Executive Director said a prospect of a European bailout for out-of-pocket investors does not exist.
She stressed that cryptocurrency investors could not depend on any deliverance because warnings regarding virtual currency investment’s hazards have been quite widespread.
The European Securities and Markets Authority and Europe’s other major financial managers cautioned consumers last March about the very authentic probability of the latter losing all their investment funds if they acquired crypto-assets.
The group utilized a more robust language than the same caveat last year. Ross cited they had all relayed that virtual currency is not presently regulated.
She added that they do not have any control over the crypto-assets’ providers and that considerable aggressive marketing and fraud are happening today.
Ross said financial regulators had employed social media to attempt to get their words of advice across to audiences most engaged in virtual currencies.
The European Securities and Markets Authority is preparing to assume licensing accountability for Europe’s largest crypto-asset companies under a landmark contract agreed upon in Brussels, Belgium, last month.
This deal includes stipulations like consumer protection for cryptocurrency wallets and mandatory environmental disclosures. It comes into force starting in mid-2023 and features an 18-month implementation period.
Ross echoed calls by the European Central Bank last week. She relayed that it was significant for them to move as fast as possible and push for convergence of national regulations already in place.
We appreciate the concern of Ms. Verena Ross for cryptocurrency investors. She was speaking on behalf of her bureau, the European Securities and Markets Authority.
We agree that cryptocurrency investment hazards are present, so seasoned and new investors should be careful.
After all, the recent virtual currency market crash left many investors suffering as many of them lost their life savings which they had worked hard for most of their lives.
We highly recommend our followers heed Ms. Ross’s word of advice to be mindful of cryptocurrency investment’s widely flagged and serious risks.
They should also remember that the international virtual currency market has fallen by over 70 percent in the past year.
We think this incident should be taken quite seriously. We advise our readers to invest small in the unregulated crypto-assets to ensure their financial safety.