Cryptocurrency investments top threat to investors ‘by far’, says report
cnbctv18.comCryptocurrency and related investments are a top investor threat ‘by far’, a report by the North American Securities Administrators Association (NASAA) said. The NASAA released its “annual list of top investor threats”, which said, “Investments tied to cryptocurrencies and digital assets top the list of the threats most often cited by securities regulators.”The NASAA, set up in 1919, is a nonprofit body of state, provincial, and territorial securities regulators in the United States, Canada, and Mexico.
It has 67 members, including the securities regulators in all 50 US states, the District of Columbia, Puerto Rico, and the US Virgin Islands.The body has said the top threats to investors were determined by “surveying North American securities regulators to identify the most problematic products, practices, or schemes”.Also Read // Crypto Scams: What they are, how to recognise them and stay safe“Stories of ‘crypto millionaires’ attracted some investors to try their hand at investing in cryptocurrencies or crypto-related investments this year, and with them, many stories of those who bet big and lost big began appearing, and they will continue to appear in 2022,” said Joseph Borg, director of the Alabama Securities Commission.Echoing Borg’s views, Joseph Rotunda, director of the Texas State Securities Board Enforcement Division, said, “Investments in cryptocurrency trading programs, interests in crypto mining pools, crypto depository accounts and securitised tokens should be seen for what they are – extremely risky speculation with a high risk of loss.”The association has warned that cryptos and digital assets do not fall neatly into the existing investor regulatory framework. Its statement reads, “Digital assets may be
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