pexels rodnae productions 8369770 1 Crypto Influencers Could Be Held Accountable For Their Promotions

Crypto Influencers Could Be Held Accountable For Their Promotions

-The Financial Planning Standards Board (FPSB) has issued a statement on crypto influencers, digital assets, and retail trading with these assets.

-The FPSB has submitted a recommendation to the International Organization of Securities Commissions (IOSCO) Retail Market Conduct Task Force to “increase efforts” to “protect” investors from cryptocurrencies.

-The FPSB believes that the COVID-19 pandemic has contributed to “retail market conduct issues”.

-The FPSB has recommended that affiliated regulators research the “likelihood” of investors experiencing “catastrophic financial loss”, prevent retail investors from using credit cards to purchase cryptocurrency, put influencers in a “sandbox”, and create a public register for these individuals.

-The FPSB has also recommended that regulators implement a “safe breaker” mechanism that would prevent people from purchasing these assets for a certain period of time, and that retail investors take a “financial knowledge test” to determine their capacity to trade with “complex financial products”.

 

 

pexels rodnae productions 8369770 1 Crypto Influencers Could Be Held Accountable For Their Promotions
Crypto Influencers Could Be Held Accountable For Their Promotions 3

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