There is a 'real question' about whether many crypto will survive, said the EU regulator. cryptocurrency bitcoin
European Securities and Markets Authority Chair Verena Ross says that the crypto market crash should be a “cautionary lesson” for investors. She noted that there is a “real question” about whether many crypto assets will survive.
We already warned earlier this year . . . about the serious risks retail investors were taking investing in some of the crypto assets.for licensing crypto asset service providers as recently agreed in Brussels as part of the provisional agreement on the Markets in Crypto-Assets proposal. The deal will enter into force from mid-2023 and has an 18-month implementation period.
The regulator will have the power to ban or restrict crypto platforms if they are seen to not properly protect investors, or threaten market integrity or financial stability. Ross expressed concerns about small investors losing money, citing that the global crypto market has shrunk by more than 70% in the past year. In May, cryptocurrency terra and stablecoin terrausd collapsed, wiping out many investors. She opined:The chairman of the U.S.
In March, ESMA and other leading European financial regulators warned consumers that “many crypto assets are highly risky and speculative,” noting that investors “face the very real possibility of losing all their invested money if they buy these assets.”We have all said that this is something that is not currently regulated, not something where there is any control over the providers … We know there is a lot of fraud and aggressive marketing going on.