Financial regulator, Sweden’s Financial Supervisory Authority (FSA), has fairly warned consumers regarding the volatility of the crypto market and has advised them to steer clear of the products that use cryptocurrency as their dedicated asset. While the statement is a bit unclear about which crypto products should the consumers refrain from using, one thing is sure: the volatility of the market as recent Bitcoin crashes and rebounding confirms this behaviour. 

Warnings Issued Regarding Crypto-based Products

The Swedish regulator has issued a clear warning. It has explained that while the crypto market is in a significant tumble making any investments is nothing but craving more risk to your doorstep. The dangers with crypto are great, and consumer protection is next to nothing. A more comprehensive study has been conducted to which analysis is drafted that not only bitcoin but the whole crypto market in its entirety is not trustable at the very least. Many warnings did already made it to the surface regarding Bitcoin, but now a more general caution refraining from making investments and the use of crypto has surfaced in Sweden, and it is being taken very seriously. 

Consumer Protection is at Risk

The protection regulations in Sweden for the customers don’t protect investors or the general public from the purchase of crypto-based assets or products that are being traded using cryptocurrency. This way, consumer protection is at a viable risk, and given the recent crypto market jumble, nothing can be said for sure. Nor there is any kind of consistency among the value of cryptocurrency as the market continues to change daily; in fact, the stock prices rise and fall in the notion of minutes.

The reports from the past 24 hours suggest that Bitcoin, which holds the biggest market cap in the crypto market, lost about 17% of its value, and about $5.64 billion were liquidated following the sudden decrease in its price. Although the Swedish regulators’ views are not that pretty regarding cryptocurrency, its central bank is exploring a research medium on launching their own digital currency in the form of e-krona and then studying its impact right along with the fiat money.