Asufin asks for information in the client’s language when investing in cryptocurrencies By EFE

Madrid, Nov 25 (.) .- The consumer association Asufin considers that future European regulations on cryptocurrencies should oblige investment platforms in these assets to offer the contract conditions and claim services in the language of the country of origin .

The association denounces that the general investment conditions that the user receives are “long, cumbersome and complex” and in many cases they are only offered in English, so it asks that the regulations prepared by the European Commission (MICA) be translated into the language of the State where it operates, as well as the simplification of contracts.

It is also obliged to use English in the complaint procedures of many international platforms, to which Asufin claims that those services are in the consumer’s language and that they take place in their place of residence.

The platforms also do not offer clear information on the commissions and operating costs and the advertising they carry out focuses on the opportunities to obtain profits quickly, and obviates the high volatility and the risk involved in the investment.

Additionally, the client receives communications that encourage them to invest in other products related to cryptocurrencies that can induce an inexperienced consumer to contract complex and highly volatile products.

Asufin has carried out a study investing in cryptocurrency platforms without revealing its identity to determine the information that the client receives in the process and the risks it assumes.

In addition to the problems mentioned above, the study has allowed the consumer association to verify the high volatility of investments in cryptocurrencies. In a period of 50 days, the investment made by Asufin (one hundred euros) ranged between losses of 14% and a profit of 32%.