The Cayman Islands Monetary Authority (CIMA) have released a public advisory note on virtual currencies. The much anticipated statement from the CIMA is an official response to the continuing publicity around investing in crytpo currencies. The advisory serves as a warning to potential investors about the largely unregulated nature of the marketplace for Initial Coin Offerings (ICOs), the advertised level of returns, the volatility in prices and the potential for fraud. The advisory stresses the need for a great deal of care when assessing and ultimately choosing to make such an investment.
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