Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors – Regulation Bitcoin News

Crypto trading was similar to that of the US stock market in the late 1920s, said Switzerland’s chief financial officer. The senior official believes that regulatory agencies around the world need to do more to ensure the protection of investors.

Swiss Financial Watch Dog executive demands more rules for ‘compulsory’ crypto market

Governments are still trying to find a way to control the $ 900 billion cryptocurrency market, which is partially controlled in many regions, Euro News reported on Wednesday. Authorities have issued several warnings about the risks associated with crypto investments, including “undisclosed crypto market fraud.”

Much can be done in this regard, according to Urban Anger, CEO of the Finnish Financial Markets Authority. He spoke further at the conference in Zurich, Switzerland.

Many trades in digital assets look like the US stock market in 1928, all forms of abuse, pumps and trash, are now really commonplace.

The chief executive of Finma urged his colleagues to “think about the potential of technology to easily handle large amounts of information and to trade consumers in horrible markets.” His call comes amid weeks of market turmoil and problems with some crypto projects.

The total capitalization of the crypto market fell by around $ 3 trillion in November 2021 to $ 900 billion. BTC, the largest cryptocurrency in the market, dropped below $ 20,000 a penny earlier this month, for the first time since December 2020.

This year’s losses have reached nearly 60%, but high inflation and rising interest rates have led to capital exports from other high-risk assets and stocks, the report said. Against this background, and in the case of companies such as Celsius, regulatory pressures may increase.

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Celsius, Crypto, Crypto Industry, Crypto Market, Crypto Sector, Crypto Currency, Crypto Currency, Finma, Regulation, Supervisor, Supervisors, Regulations, Switzerland, Switzerland, Guard, Guardians

Do you expect regulators to adopt strict rules for the crypto sector in the near future? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tasev, a technologically savvy Eastern European journalist, liked Hichns’ words: From cryptocurrency, blockchain and fintech, global politics and economics are two other sources of inspiration.

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

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