CySEC Issues New Requirements on Trading Crypto Currencies
- Trade Magnates Team
- Oct 16, 2017
- 1 min read
Trade Magnates -CySEC, the Cyprus Securities and Exchange Commission, warned investors about the risk associated to trading in virtual currencies whether spot or CFDs trading as not suitable instruments for all investors.
The Cypriot watchdog indicated that cryptocurrency products are complex and investors should be aware of all risk aspects associated to trading on virtual currencies.
In its effort to warn all investors, CySEC, reminds investors that there is no regulatory framework so far in the EU that will protect investors who trade cryptocurrencies and therefore, their entire capital might be at risk being subject to temporarily or permanently unavailable.
Furthermore, CySEC, has focused on clients’ protection and explained that those who trade such products will not be protected by the Investors Compensation Fund (ICF) and they have no rights to report to the Cyprus Financial Ombudsman in case of a dispute with the firm.
CIFs who are intended to carry out cryptocurrency services are required to apply certain procedures and rules according to the new update by the regulator, CySEC. First of which is identifying all the risk aspects in relation to trading virtual currencies to their investors in addition to managing and monitoring such risks. Furthermore, firms must choose reliable regulated feed providers and preferable to be more than one to ensure the continuity and best execution principles to investors. CySEC has set more rules in relation to the leverage limit for such products and the disclosure of calculating the buying and selling prices for such instruments.
The full official document by CySEC, can be found here.
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