The Central Bank has today (22 March 2022) issued a fresh warning on the risks of investing in crypto-assets.
Crypto-assets are highly risky and speculative, and may not be suitable for retail customers, the regulator has said.
In particular, people need to be alert to the risks of misleading advertisements, particularly on social media, where influencers are being paid to advertise crypto-assets.
The move is part of a European-wide campaign by the European Supervisory Authorities.
Derville Rowland (director general, financial conduct) said: “In Ireland and across the EU, we are seeing increasing levels of advertising and aggressive promotion of crypto-asset investments.
“Before you buy crypto-assets, you need to think about whether you can afford to lose all the money you invest. Do the promised fast or high returns seem too good to be true?
“People should also be aware that, if things go wrong, you do not have the protections you would have if you invested in a regulated product.”
The Central Bank has published a plain-English explainer for consumers on cryptocurrencies.