Follow Us

Header Ad

Latest Posts

Categories

Austrian financial regulator urged to tighten regulation of cryptocurrencies


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).

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.

Subscribe to the ForkLog YouTube channel!

Found a mistake in the text? Select it and press CTRL + ENTER



Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

    Leave Your Comment

    Your email address will not be published.*

    Forgot Password