If it’s too good to be true …
De Jager suggested people looking to buy or invest in cryptocurrency should do their research before becoming involved with a third-party company. “There is such a lot of information on the internet trying to warn the public about these things,” he said. He added that scammers take advantage of the vague regulations around cryptocurrency.
De Jager said: “The FSCA is doing excellent work in trying to protect investors. But the FSCA is not a guardian angel … The responsibility will always rely on the investor to do due diligence prior to investing in these things.”, head of enforcement at the FSCA Brandon Topham said that while the new regulations may not have prevented what happened at MTI, because “fraud is fraud”, they may have made it easier for the public to know not deal with the firm.
She added that the FSCA’s draft declaration is motivated by the growing interest in cryptocurrency in South Africa and globally. “The regulation being in place is very important. From an uptake perspective, I can’t see that there was as much of an imperative for the regulator to issue regulations up until this point as there is now.”
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