Blog: Financial watchdogs should do more to protect crypto investors, Swiss regulator says – Reuters

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

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ZURICH, June 22 (Reuters) – Cryptocurrency trading increasingly resembles the U.S. stock market of the late 1920s, Switzerland’s top market regulator said on Wednesday, calling for regulators to act further to protect consumers from abuse in the freewheeling sector.

“There’s much more than can be done,” said Urban Angehrn, CEO, Swiss Financial Market Supervisory Authority, at a conference.

“It would seem to me that a lot of trading in digital assets looks like the US stock market in 1928, where all kinds of abuse, pump and dump, are now in fact frequently common.”

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Reporting by Brenna Hughes Neghaiwi in Zurich, writing by Tom Wilson in London

Our Standards: The Thomson Reuters Trust Principles.

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