EU 'not overly alarmed' at growing use of crypto-assets

But Mairead McGuinness also warned that any new financial instrument that is growing and unregulated can cause enormous problems if"we don't get to grips with it".

Ms McGuinness told the Financial Times and IDA Ireland European Financial Forum 2022, that Europe has moved on the issue of cryptocurrencies and in some ways is already ahead of the curve."When you hear that people are taking financial advice on TikTok or through other social media platforms, or that young people are engaging with their pals in investing in various cryptocurrencies almost as a past time, it doesn’t sound alarming," she said.

There is a lot of money invested in crypto she said, but questioned whether people are really aware that if they invest they can lose and are clear of the risks.She added that the EU also needs to understand the investment requirements and thought processes of a younger generation and not be only guided by past experiences.

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