© Reuters. The CNMV insists on the risks of cryptocurrencies and urges their regulation
Madrid, Nov 18 (.) .- The president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, has warned this Thursday of the risks of investing in cryptocurrencies and insisted on the need to regulate in a harmonized way in the EU these assets, which are gaining weight among investors.
During his speech at the closing of the presentation of the III Observatory of Savings and Investment in Spain prepared by Bestinver and the IESE business school, Buenaventura highlighted the concern among supervisory bodies regarding issues such as the lack of information at the time to invest in these assets, as well as their possible falsification.
Among others, it has pointed out the danger that the price of the multitude of cryptocurrencies that currently exist can be manipulated, either through the dissemination of false information or through transactions involving these assets; or the risks that the loss of keys implies when they are guarded by third parties.
Information on the risk of investing is non-existent or appears blurred and mixed with messages of rapid investment growth, said the president of the markets supervisor.
Buenaventura has indicated that the digitization and development of social networks enhances the exchange of opinions and information, but at the same time facilitates the concealment of identity.
This favors the appearance of “haters”, “trolls”, “gratuitous criticisms” of the various market players or “crazy investment advice that hide conflicts of interest or that contain elements contrary to the law”, he pointed out.
According to Bestinver’s observatory to IESE, a survey among retail investors with a medium-high income profile carried out last April, cryptocurrencies represent only 1.9% of the assets of the different investment products held by the investor.
However, 14% of those surveyed indicate that they have invested in cryptocurrencies, an asset preferred especially by men in the lowest age group in the study (35-44 years).
The European Commission (EC) is working on a regulation to regulate the cryptocurrency market, a standard known as MICA that will define the types of digital assets and their providers and that is expected to be in place by the middle of next year.
Spain will adopt this rule to its legal system, since it does not have specific legislation on the subject and the rules that refer to cryptocurrencies are linked to the prevention of tax fraud, money laundering and the financing of terrorism.
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