{"id":36738,"date":"2021-02-19T16:25:36","date_gmt":"2021-02-19T14:25:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36738"},"modified":"2025-08-29T07:50:24","modified_gmt":"2025-08-29T04:50:24","slug":"austrias-financial-regulator-calls-for-tougher-regulation-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/austrias-financial-regulator-calls-for-tougher-regulation-of-cryptocurrencies\/","title":{"rendered":"Austria&#8217;s financial regulator calls for tougher regulation of cryptocurrencies"},"content":{"rendered":"<p>The cryptocurrency industry in Austria needs stricter regulation amid rising fraud activity. This is stated in a statement from the Austrian Financial Market Authority (FMA).<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"de\">278 reports on the FMA whistleblower platform in 2020 \ud83d\udc49 more than half concern investment fraud, particularly with crypto assets <a href=\"https:\/\/twitter.com\/hashtag\/Whistleblower?src=hash&#038;ref_src=twsrc%5Etfw\">#Whistleblower<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Achtung?src=hash&#038;ref_src=twsrc%5Etfw\">#Achtung<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Krypto?src=hash&#038;ref_src=twsrc%5Etfw\">#Krypto<\/a><a href=\"https:\/\/t.co\/tzvyNe5vkA\">https:\/\/t.co\/tzvyNe5vkA<\/a><\/p>\n<p>\u2014 Financial Market Authority (@FMA_AT) <a href=\"https:\/\/twitter.com\/FMA_AT\/status\/1362349076830949376?ref_src=twsrc%5Etfw\">February 18, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In 2020 the FMA registered 278 reports of potential financial fraud. Two-thirds of them were related to cryptocurrencies.<\/p>\n<p>According to the authority, scammers used platforms such as Facebook, Telegram and TikTok to promote their schemes.<\/p>\n<blockquote>\n<p>&#8220;We see a strong need for tighter regulation. Fake offers for stocks and gold have always existed, but now scammers have shifted to digital assets,&#8221; said FMA spokesperson Klaus Grubelnik.<\/p>\n<\/blockquote>\n<p>CipherTrace analysts estimated the total losses from cryptocurrency scams and hacks in 2020 at <a href=\"https:\/\/forklog.com\/en\/news\/ciphertrace-puts-2020-losses-from-crypto-scams-and-hacks-at-1-9-billion\">$1.9 billion<\/a>.<\/p>\n<p>The FMA has previously required digital-asset\u2013related firms to obtain licenses and comply with the European Union&#8217;s Fifth Anti-Money Laundering Directive (5AMLD).<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency industry in Austria needs tighter regulation amid rising fraud activity, according to a statement from the Austrian Financial Market Authority (FMA).<\/p>\n","protected":false},"author":1,"featured_media":36739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1840,36],"class_list":["post-36738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-austria","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=36738"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36738\/revisions"}],"predecessor-version":[{"id":36740,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36738\/revisions\/36740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/36739"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=36738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=36738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=36738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}