Warning of European supervisory authorities
Recently, the European supervisory authorities (EBA, ESMA and EIOPA) have published a joint statement concerning crypto-assets. What is worth knowing?
Subject of the statement
The statement consists of two documents: the main one concerns risks related to crypto-assets, while the second contains a collection of the most important information about crypto-assets.
Limited consumer protection
It was indicated that, depending on the type of crypto-assets and the given provider (for example, in the case of providers outside the EU), consumer protection may be limited or may not exist at all.
Other risks related to crypto-assets
Attention was also drawn to risks associated with crypto-assets such as extreme price fluctuations, fraud and hacking attacks, as well as the complexity of products related to crypto-assets.
Verification of the provider
The supervisory authorities recommend verifying each provider of crypto-related services to ensure that the provider holds the appropriate authorization to provide crypto services.
Information document
The statement refers to an information document explaining the basic terms related to the crypto-asset sector and presenting examples of crypto-assets covered by MiCA.
