Egypt watchdog warns against cryptocurrency trading in emerging markets

Egypt’s market watchdog has warned on Sunday financial institutions in emerging markets not to trade in cryptocurrencies.

Amid the growing popularity of cryptocurrencies such as bitcoin, authorities worldwide described such currencies as highly risky and unregulated products that are unsuitable as investment, savings, or retirement planning products,

“They (cryptocurrencies) are not subject to any regulatory or legislative frameworks,” Mohamed Omran, chairman of the Egyptian Financial Regulatory Authority, said at the conclusion of the International Organization of Securities Commissions (IOSCO) meetings in Russia’s Saint Petersburg city.

IOSCO meetings covered the latest developments in the emerging markets as well as challenges facing them especially with the use of regulatory technologies (Regtech) and financial technological systems (Fintech) in view of the importance of achieving the sustainable development goals.