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Fraud Prevention Month: CSA encourages Canadians to ask questions before investing in crypto assets

CSA | March 11, 2022

Questions to ask before investing - Fraud Prevention Month: CSA encourages Canadians to ask questions before investing in crypto assetsThe CSA is launching a bilingual campaign on TikTok that encourages Canadian investors to ask themselves a series of questions to ensure an investment is right for them and to avoid investment fraud.

Louis Morisset, CSA Chair and President and CEO of the Autorité des marches financiers:

“The crypto landscape is evolving and complex. Fraudsters capitalize on market interest as well as a lack of knowledge in crypto assets to lure both sophisticated and potential investors into scams that can lead to devastating losses.”

“Asking questions, conducting research about potential crypto opportunities, and making sure you deal with registered platforms are among the best ways to protect yourself from potentially fraudulent investment activities.”

See:  Gun-shy advisors struggle to provide clients with crypto guidance

Questions to ask before making a crypto asset investment include:

  • Does investing in this crypto asset align with my financial goals and time horizon?
  • Do I understand what I am investing in?
  • Can I afford to lose the money I’m willing to invest in crypto assets?
  • Am I investing for the wrong reasons, such as fear of missing out, urgency from others, promises of guaranteed returns, exclusive offers and, supposed cutting-edge investment opportunities?
  • Have I considered the high-risk nature of investing in crypto assets and whether it fits my investor profile?
  • Is the crypto asset I am considering deemed a security or derivative and subject to securities law?
  • Does the crypto asset trading platform I plan to use hold custody of my crypto assets? Is it registered to do so?

Across Canada, CSA members are also running initiatives to highlight the importance of researching investments, checking registration through the CSA’s National Registration Search and being familiar with the red flags of fraud before investing their money.

View the full press release --> here

 


NCFA Jan 2018 resize - Fraud Prevention Month: CSA encourages Canadians to ask questions before investing in crypto assets The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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