Albania’s Financial Supervisory Authority (FSA) warned potential investors of a series of risks related to investing in digital currency such as the initial coin offering (ICO).
Financial Supervisory Authority has licensed no financial operator whose activity involves the use of virtual currencies like ICO.
According to ata.gov.al, the warning comes following concern that some unlicensed European and global operators are luring public through a new mechanism to trade in digital currency called ICO.
Under this mechanism or this new business financing alternative, mainly for new projects, investors in exchange for money, or in exchange for other virtual currencies such as Bitcoin and Ether, receive issuing companies a virtual currency that can to be known as a “token”, specified by the company or project concerned, and representing the company’s share of the income.
The Financial Supervisory Authority draws the attention of investors who may invest in the ICO outside the territory of the Republic of Albania for the potential risks that may arise from investing in an ICO.
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