The cryptocurrency industry in Austria needs stricter regulation amid growing fraudulent activity. This is stated in the message of the Austrian Financial Market Authority (FMA).
– Finanzmarktaufsicht (@FMA_AT) February 18, 2021
For 2020, the FMA recorded 278 reports of potential financial fraud. Two thirds of them were related to cryptocurrencies.
According to the management, the attackers used platforms such as Facebook, Telegram and TikTok to promote them.
“We see a great need for stricter regulation. There have always been fake offers for stocks and gold, but now scammers have switched to digital assets, ”said FMA spokesman Klaus Grubelnik.
Earlier, analysts at CipherTrace estimated the total damage from cryptocurrency scams and hacks for 2020 at $ 1.9 billion.
Recall that the FMA obliged companies related to digital assets to obtain licenses and comply with the requirements of the fifth EU directive on combating money laundering.
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