{"id":129687,"date":"2021-06-22T12:42:19","date_gmt":"2021-06-22T12:42:19","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129687"},"modified":"2021-06-22T12:42:19","modified_gmt":"2021-06-22T12:42:19","slug":"norwegian-financial-regulator-alarms-consumers-against-cryptos","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/norwegian-financial-regulator-alarms-consumers-against-cryptos\/","title":{"rendered":"Norwegian Financial Regulator Alarms Consumers against Cryptos"},"content":{"rendered":"

The Financial Supervisory Authority of Norway, locally known as Finanstilsynet, has become the latest regulator to issue a warning against cryptocurrencies, citing trading risks as well as booming scams.<\/span><\/p>\n

The warning from the nordic regulator came when more and more retail consumers are investing in cryptocurrencies and considering them as new savings and investment alternatives.<\/span><\/p>\n

Bank Account Alternative. Business Account IBAN.<\/strong><\/p>\n

\u201cMost cryptocurrencies are subject to extreme price fluctuations,\u201d wrote Jo Gjedrem, consumer coordinator at Finanstilsynet. Indeed, cryptocurrencies have shed a major chunk of their market value recently due to China\u2019s extended crackdown on the local crypto mining industry.<\/span><\/p>\n

He further pointed out that the risk of losses with crypto investment is high and \u2018price formation is in many cases not transparent.\u2019 Some earlier reports have accused major exchanges of their involvement in wash trading, but those industry traits are believed to have trimmed significantly.<\/span><\/p>\n

Cryptos are Vulnerable<\/span><\/h2>\n

The Norwegian regulator is also concerned about the growing scams involving cryptocurrencies. \u201cScammers use spam, computer viruses, fake drawings, and a variety of other techniques to deceive consumers.\u201d<\/span><\/p>\n

Finanstilsynet’s warning followed other regulators like the United States Securities and Exchange Commission (SEC) and UK-based Financial Conduct Authority (FCA) in issuing warnings to crypto investors.<\/span><\/p>\n

\u201cCryptocurrency is largely unregulated,\u201d the Norwegian financial watchdog stated. \u201cIn stark contrast to regulated savings and investment products, there is no statutory consumer protection for buyers of cryptocurrencies.\u201d<\/span><\/p>\n

It also pointed to many cryptocurrency platforms that falsely advertised to be regulated by Finanstilsynet when it does not even regulate the industry.<\/span><\/p>\n

\u201cThis is very misleading,\u201d the regulator added. \u201cThe platforms have a duty to notify Finanstilsynet in accordance with the money laundering regulations, but apart from money laundering supervision, Finanstilsynet does not supervise these actors.\u201d<\/span><\/p>\n

The Norwegian regulator now proposed strong regulations for the cryptocurrency industry in accordance with the suggestions made by the European Commission.<\/span><\/p>\n

\u201cThere is a strong need for a legal framework and investor protection if cryptocurrency is to be able to become a suitable form of investment for consumers,\u201d Finanstilsynet continued. \u201cUntil such regulations are in place, anyone considering trading in cryptocurrency should think carefully and understand the significant risk that such investments entail.\u201d<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Supervisory Authority of Norway, locally<\/p>\n","protected":false},"author":3,"featured_media":129686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNorwegian Financial Regulator Alarms Consumers against Cryptos - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/norwegian-financial-regulator-alarms-consumers-against-cryptos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Norwegian Financial Regulator Alarms Consumers against Cryptos - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The Financial Supervisory Authority of Norway, locally\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/norwegian-financial-regulator-alarms-consumers-against-cryptos\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-22T12:42:19+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Norwegian-Financial-Regulator-Alarms-Consumers-against-Cryptos.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/norwegian-financial-regulator-alarms-consumers-against-cryptos\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/norwegian-financial-regulator-alarms-consumers-against-cryptos\/\",\"name\":\"Norwegian Financial Regulator Alarms Consumers against Cryptos - 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