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Swedish Regulator Warns Consumers Over Crypto Investment Product Risks
The Financial Supervisory Authority said investment products such as bitcoin ETPs carry "significant" risk for consumers.
Sweden's Financial Supervisory Authority (FSA) has warned that investments such as bitcoin exchange-traded products (ETPs) may be unsuitable for retail consumers.
STORY CONTINUES BELOW
- In an announcement Monday, the regulator said it had carried out a thematic review of the market for financial products with underlying crypto assets and found a "high risk" that consumers would lose money on their investments.
- FSA Director General Erik Thedéen said such products are unsuitable for most, if not all, retail investors as consumer protections are "inadequate" and crypto assets are "difficult, if not impossible, to value on a credible basis."
- Sweden is home to one of the first bitcoin tracker ETPs available on the FSA-regulated exchange NASDAQ/OMX in Stockholm.
Read more: Canada’s First Bitcoin ETF Hits $421.8M AUM in Two Days
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.
