Austrian regulators call for stricter crypto regulations amid rising fraud Crypto scams appear to be dominating investment fraud cases in Austria. 19890 Total views News
Austrian regulators are calling for stricter crypto laws amid a spate of elaborate investment scams involving cryptocurrency and digital assets.
According to a Bloomberg report of Friday, Austria’s Financial Market Authority has revealed that more than 60% of all reported financial fraud in the country involve crypto trading products.
The FMA says these crypto scammers are using social media platforms like Telegram and TikTok to advertise their fraudulent offerings to would-be victims.
Commenting on the need for stricter crypto regulations to curb the menace of these fraudulent investment activities, Klaus Grubelnik, a spokesperson for the FMA remarked:
Austrian regulators say crypto scams are the most reported forms of investment fraud in the country ahead of the usual suspects like stock or gold schemes. Authorities in the country are trying to firm up virtual currency regulations to combat the menace of such criminal activities while regulated trading in…