Ireland: Central Bank of Ireland Warning on Crypto-Investment issued

On 22 March 2022, the Central Bank of Ireland issued a warning to consumers outlining the main risks of investments in crypto assets. The Central Bank noted that investments in crypto-assets are “very risky and speculative”. Further, the Central Bank emphasised the risks stemming from social media cryptocurrency advertisements and the promotion of investment by influencers. The Central Bank also stated that its warning is part of a wider European initiative started by the European Supervisory Authorities to increase public awareness of the risks they could face if they invest in crypto assets.