Austria’s Financial marketplace Authority (FMA) stated Friday there’s been a rise in crime cryptocurrencies that are making use of stricter regulation will become necessary.

The FMA reports two-thirds regarding the investment fraud reports filed in 2020 were associated with cryptocurrency and currency that is electronic products, based on a Bloomberg report.

“We see a need that is very good stricter regulation,” FMA spokesman Klaus Grubelnik told Bloomberg. “Fake offerings for shares and gold are around forever and these scams are actually moving to assets which can be digital associated with the buzz.”

There’s been an number that is increasing of using electronic currencies advertised on social media platforms such as for example Twitter, WhatsApp, TikTok, and Telegram, warned the FMA.

Grubelnik stated prosecution was even more difficult in such instances as investigations often have to be carried out across borders.