{"id":2694,"date":"2022-03-18T10:43:39","date_gmt":"2022-03-18T10:43:39","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=2694"},"modified":"2022-03-18T10:43:40","modified_gmt":"2022-03-18T10:43:40","slug":"eu-regulators-warn-crypto-unsuitable-as-investment-or-means-of-payment-for-most-retail-consumers","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2694","title":{"rendered":"EU Regulators Warn Crypto Unsuitable as Investment or Means of Payment for Most Retail Consumers"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Several European regulators have issued a joint warning on crypto assets. \u201cThese assets are not suited for most retail consumers as an investment or as a means of payment or exchange,\u201d they stressed.<br \/><\/strong><\/p>\n<h2>EU Supervisory Authorities Warn About the Danger of Investing in Crypto Assets<\/h2>\n<p>Three European Supervisory Authorities (ESAs) issued a joint statement warning about the risks of crypto assets Thursday.<\/p>\n<p>The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) \u201cwarn consumers that many crypto assets are highly risky and speculative.\u201d Their statement also outlines \u201ckey steps consumers can take to ensure they make informed decisions.\u201d<\/p>\n<p>The regulators explained that their warning followed \u201cgrowing consumer activity and interest in crypto assets and the aggressive promotion of those assets and related products to the public, including through social media.\u201d<\/p>\n<p>The supervisory authorities stated:<\/p>\n<p>These assets are not suited for most retail consumers as an investment or as a means of payment or exchange.<\/p>\n<p>They noted that consumers \u201cface the very real possibility of losing all their invested money if they buy these assets.\u201d<\/p>\n<p>Furthermore, the ESAs cautioned that consumers \u201cshould be alert to the risks of misleading advertisements, including via social media and influencers\u201d and \u201cshould be particularly wary of promised fast or high returns, especially those that look too good to be true.\u201d<\/p>\n<p>Consumers should also be aware of \u201cthe lack of recourse or protection available to them, as crypto-assets and related products and services typically fall outside existing protection under current EU financial services rules,\u201d the ESAs\u2019 statement describes.<\/p>\n<p>The EBA noted that the European Commission\u2019s proposal for Markets in Crypto Assets (MiCA) remains subject to the outcome of the co-legislative process and so consumers do not currently benefit from any of the safeguards outlined in that proposal because it is not yet EU law.<\/p>\n<p>The European Parliament\u2019s Committee on Economic and Monetary Affairs (ECON) voted against an amendment to ban proof-of-work assets for EU companies earlier this week.<\/p>\n<p><em><strong>What do you think about the crypto warning by the three EU supervisory authorities? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/eu-regulators-warn-crypto-unsuitable-as-investment-or-means-of-payment-for-most-retail-consumers\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several European regulators have issued a joint warning on crypto assets. \u201cThese assets are not suited for most retail consumers as an investment or as a means of payment or exchange,\u201d they stressed. EU Supervisory Authorities Warn About the Danger of Investing in Crypto Assets Three European Supervisory Authorities (ESAs) issued a joint statement warning [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2694"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2694\/revisions"}],"predecessor-version":[{"id":2696,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2694\/revisions\/2696"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2695"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}