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The financial regulator in Sweden believes that it would be best if retail investors avoided financial products featuring unpredictable cryptocurrencies as their main asset.
FI or Finansinspektionene, Sweden’s financial regulator has cautioned retail traders again about the significant risks linked to Bitcoin (BTC) trading. It published more suggestions after finishing a more comprehensive research of the crypto-asset industry.
On Monday, a report was published indicating that although it had cautioned about the dangers connected to Bitcoin (BTC) trading, it was issuing a publication with more advice after finalizing a fuller research of the crypto-asset sector.
According to the FI, it had performed a ‘market thematic assessment for financial tools with a crypto-assets background.’ General Eric Thedeen, FI Director General said:
‘Products founded on crypto-assets are not appropriate for the majority of retail consumers, if not all. The accessible consumer protection is insufficient and crypto-assets are challenging, even impossible to value on a verifiable basis.’
Theeden’s opinion is supported by the fact that Sweden’s consumer regulations do not fully shield investors to the dangers associated in buying financial products or instruments whose underlying asset is crypto assets.
The FI’s caution comes at the same time when there is noticeable volatility in the derivatives and cryptocurrency spot volatility market.
The financial authorities’ Swedish financial authorities’ has doubts about the obvious effect and health of the cryptocurrency markets; the state’s central bank is carrying out a study and growth pilot for a centrally provided e-crona that may work as efficiently as cash.