European Union: European Supervisory Authorities issue Crypto-Asset Warning to consumers

On 17 March 2022, the European Supervisory Authorities (ESA), which include the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority, issued a warning to consumers about the risks associated with investments in crypto-assets. Specifically, they warn that cryptocurrencies are unsuited for most consumers, both as an investment and as a means of payment. The ESA also stresses that the current legal EU financial rules don't provide protections to individuals that invest in crypto-assets.