The Central Bank of Ireland has released a February report on “Security Markets Risk Outlook,” in which it highlights key areas of risk for regulated financial service providers.
Down on page 23 is a section on new products of which crypto assets get a mention. Echoing the sentiment of most central banks, the report stated that cryptocurrencies are “likely to be highly risky and speculative.”
The bank added that consumers must be alert to the high risks of buying and/or holding these instruments, “including the possibility of losing all their investment,” because the majority are unregulated in the European Union.
Increased Interest in Crypto
The Bank of Ireland did state that it has seen an increase in queries for Undertakings for Collective Investment in Transferable Securities (UCITS) or retail Alternative Investment Funds (AIF) in crypto assets. However, it was not likely to approve anything for retail investors any time soon.
“At the moment, while such assets may be
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