ES
HomePress areaNews & events

European and Spanish institutions warn consumers of risks in buying virtual currencies

The European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have issued a joint statement to warn consumers of the high risk assumed buying the so-called "virtual currencies".

The European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have issued a joint statement to warn consumers of the high risk assumed buying the so-called "virtual currencies".

Additionally, The National Securities Market Commission (CNMV) and Banco de España note that, to date, no cryptocurrency issue or ICO has been registered, authorised or verified by any supervisory agencies in Spain. This means that there are no ICO-issued cryptocurrencies or tokens purchased or held in Spain that may avail of any of the guarantees or safeguards envisaged under the regulations on banking or investment products.

They also inform that, lately, there has been a worldwide proliferation of certain assets generally known as “virtual currencies” or “cryptocurrencies”, among which the bitcoin is the most prominent one, and that these cryptocurrencies are not backed by a central bank or any other public authority.