Central Bank warns about crypto-assets

PHILIPSBURG--On Monday, September 30, International Organization of Securities Commissions IOSCO launched its worldwide campaign World Investor Week 2019, which serves to raise awareness about the importance of investor education and protection, and to draw attention to the various initiatives by regulators on this topic.
 
The Central Bank of Curaçao and St. Maarten (CBCS) supports this campaign through various initiatives of its own, including a webinar titled “A Sneak Peek Into Financial Education Matters: Crypto-Assets” on Friday, October 4, at 10:00am.
 
The main purpose of the webinar is to familiarize the general public with the concept of crypto-assets and the risk considerations.
 
Crypto-assets are becoming increasingly popular, but consumers should realize that it is important to assess the risks related to holding crypto-assets before buying or investing in them, CBCS said.
 
In particular, consumers should be aware that most providers of crypto-assets are unregulated. High volatility, the lack of (proper) regulation, vulnerabilities concerning cyber security, misuse for criminal and fraudulent activities and lack of transparency make these types of high-risk investments unsuitable for retail investors, or investors other than professional, accredited, or sophisticated investors, the Central Bank said.
 
The webinar will feature presentations by renowned international speakers Owen Donley (United States Securities and Exchange Commission), Oz Eleonora (Zinica Group/Dutch Caribbean Securities Exchange) and Errol Cova (CBCS). The moderator for the event will be Shekinah Dare (CBCS).
 
Anyone interested in this topic can participate in the webinar. Participation is free of charge. Registration is necessary via a link available on the CBCS website.
 
CBCS is also introducing a new edition of the well-known comic of the Florin Family. This edition warns about illegal pyramid schemes. The new comic will be available on the website and social media channels.
 
In conjunction with other members of the Caribbean Working Group of International Forum for Investor Education (IFIE), the Central Bank initiated the Caribbean Fintech Pledge. This initiative encourages people to make an informed and considered decision about investing in crypto-assets.
 
Information about these initiatives can be found at www.centralbank.cw/event-calendar/events/world-investor-week-2019.

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