The Portugal Securities Market Commission (CMVM) is reportedly keeping a close eye on "Bitcoin Glee", which is moving towards the country, as per the local publication ECO, investment banks in the country selling products related to cryptocurrency Brokerage is under the supervision of firms.
It is a plan to create a detailed list of each product by the steps of the securities market commission, which is planning to make bitcoin or any other cryptocurrency as the underlying assets available in the market, so that "digital currency enthusiasm" to protect the private investors To be the weakest. "
This regulator, led by Gabriella Figueiredo Dias, wants to determine which financial arbitrator in the country is selling products related to complex bitcoin which indirectly buys cryptocurrencies to investors. In addition, CMVM is reportedly trying to know how these mediators are marketing these financial products, and what information is being sent to investors
It is also at the top of the ECO CMVM initial Coin Prasad (ICO) per copy, because recently the potential investors were warned about the risk of selling these tokens, because they cannot be regulated, can be very unstable or cash May be lacking and cause fraud. In these publications it has been said that CMVM can do a lot about bitcoin in the country because it is “There is absolutely no financial property ", so all can possibly do this because this issue is the warning.
"80% of investment lead to total loss"
Although the ECO correctly states that cryptocurrency like bitcoin, ether and light cone are not regulated and cannot be controlled by the authorities, and this is an attractive reason because it adds to a subtitle "80% of the total investment Leads to loss.”
These subtitles have been taken from a European study conducted by ESA, which shows that 80% of the investors who have kept their money with higher leverage in complex financial products, whose virtual currencies are in the form of underlying assets, all their funds Lose. These keywords are "higher leverage" here. Despite this, CMVM has warned that investors should be careful when putting money into these financial instruments.
Given the risks of these products, the regulator is reportedly going after the brokerage so that investors can buy them. Binary options and ETN (Exchange traded notes) are reportedly among those products which can cause sudden damage, which is happening after the regulator.
According to the ECO, there are only two brokerages that investors can buy ETN related to cryptocurrency related in the country. In one of them, according to the publication, ETN has increased from € 33, 56 to $ 7199 in a year, giving investors a return of 2,000%.
It was covered by CCN at the beginning of this year, Portugal's Central Bank director said that "Bitcoin is not a currency," however, despite the lack of rules, the country wants to do bitcoin tax. This Portugal's central bank has recently issued a warning against Onecoin.