The European Securities and Markets Watchdog (ESMA) issued a statement last Monday, warning against Initial Coin Offerings (ICOs), calling it “risky and highly speculative”.

The agency added that the coins being offered have no intrinsic value and can only be used to access a specific product or service. Coin issuers may also be subject to existing regulations.

ICOs have significantly boosted the value of all cryptocurrencies, raising it from a $17 billion to around $180 billion in September.

Source: Reuters

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