As per Bloomberg’s Friday report, Austria’s Financial Market Authority, or FMA, says that about 66% of all investment fraud reports filed within the nation last year can be traced back to cryptocurrencies and its trading products. The Austrian regulators are now advocating for much tighter crypto laws in order to eliminate, or at the very least, mitigate this growing threat.
According to the spokesman of FMA, Klaus Grubelnik, it is more evident now more than ever that the nation is in need for stricter regulations. He says that the fake offerings and scam attempts for gold and stocks that have been there for the longest time have now moved on to digital assets because of the ongoing meteoric hype the industry has right now. The FMA then warned that scammers have been flocking recently on today’s most popular online platforms, such as WhatsApp, TikTok, Facebook, and Telegram, to facilitate their illicit doings.
Despite Austria’s growing problem with crypto scam investments, several reports show that traditional exchanges within the country is still well at the very center of digital asset trading adoption. That may be, the nation’s regulators’ advocacy for tighter crypto laws may just be a sign for brighter things ahead.