Swiss Regulator Urges Financial Regulators to Protect Crypto Investors – Regulated Bitcoin News

The head of the Swiss financial watchdog says crypto trading is increasingly similar to the U.S. stock market in the late 1920s. The senior official believes that regulators around the world should do more to ensure investor protection.

Swiss Financial Regulator Executive Calls for More Regulation on ‘Abusive’ Crypto Markets

In a report Wednesday, Euronews noted that governments are still struggling to find the best way to regulate the $900 billion crypto asset market, which is only partially regulated in many jurisdictions. Officials have issued numerous warnings about the risks associated with cryptocurrency investments, including “manipulation of opaque crypto markets.”

According to a statement from Urban Angehrn, CEO of the Swiss Financial Market Supervisory Authority, there is much more that can be done in this regard (Finma). Speaking at a conference in the Swiss city of Zurich, Angehrn further commented:

To me, many digital asset exchanges look like the U.S. stock market in 1928, and all kinds of abuse, pump and dump are actually common now.

Finma’s top executive also urged his colleagues to “think about the potential of technology to make it easy to process large amounts of data and protect consumers from abusive market transactions.” His call comes amid market volatility and some crypto over the past few weeks Sent in case of a problem with the item.

The total market capitalization of the crypto market fell to $900 billion from around $3 trillion in November 2021. Bitcoin (bitcoin), the largest cryptocurrency by market cap, fell below $20,000 per coin earlier this month for the first time since December 2020.

It has lost about 60% of its value this year, but high inflation and rising interest rates have also prompted capital flight from other risky assets and stocks, the report said.Against this backdrop, considering the troubles companies like this Celsiusthe industry regulatory pressure may increase.

tags in this story

Celsius, cryptocurrency, Crypto Industry, crypto market, encryption field, cryptocurrency, cryptocurrency, at last, Regulations, Regulator, Regulatory Authority, rule, Switzerland, Switzerland, watchdog, watch dogs

Do you expect regulators to impose stricter regulations on the crypto industry in the near future? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image Source: Shutterstock, Pixabay, Wiki Commons, Shutterstock/T. Schneider

Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

Source link