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Norway’s FSA Says Legal Framework Needed in Crypto to Protect Consumers
The regulatory body stressed the cryptocurrency market remains largely unregulated and consumer protections are needed.
The Norwegian Financial Supervisory Authority (FSA) said Tuesday there is a need for a legal framework if cryptocurrency is to become a suitable form of investment for consumers.
STORY CONTINUES BELOW
- In a post, the FSA said cryptocurrencies received increased attention recently along with significant criminal activity. In addition, the high volatility associated with crypto creates a high risk of loss, the authority said.
- The regulatory body stressed the cryptocurrency market remains largely unregulated and consumer protections are needed.
- In September 2020 the European Commission presented a proposal for regulation of the crypto market, but the rules won’t be in place for several years, the FSA noted.
- “Until such regulations are in place, anyone considering trading in cryptocurrency should think carefully and understand the significant risk that such investments entail. Consumers who want to try this with open eyes should not invest more than they can afford to lose,” said the FSA.
Read more: Norway’s Central Bank to Test Technical Solutions for a CBDC Over Next Two Years
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
