The government of Belgium is supporting a new website designed to let the unsuspecting public notice signs of a potential crypto scam on the Internet.
With the title ‘Too Good To Be True’ investors are reminded that virtually everyone could create a crypto token, thus making it the “hype of the year.”
It could be used for “scams, drug trafficking, terrorism or any other criminal activity’’ and everyone should be vigilant to notice signs of a possible scam.
There are no different regulations for cryptocurrencies in the country as it is considered in the same light of other forms of digital money.
Because crypto scammers seem so reliable, it is said that anyone looking to fund an Initial Coin Offering should research the people behind the said project, which usually promises huge returns.
Caution is also recommended by the site when “paying online with cryptocurrencies, investing in sports betting with crypto coins, and other platforms for investments in virtual currencies.”
Another prominent feature on the website is a search bar that the developers claim can help internet users find out whether a website is fraudulent or not.
This section will likely be filled with user-reported websites as a notice added to the checker service states that its developers would not be held responsible for any errors.
A video series of testimonial from individuals who fell victim to crypto scammers on the Internet, a highly informative FAQ page, and a ‘report case’ form sum up the other features of the website.
The Belgian Federal Public Service Economy and the Financial Services and Markets Authority contributes to the new website as part of an initiative by the Belgian government to create public awareness on cryptocurrencies.
The body also published a list of 19 crypto exchanges with reported cases of fraud by customers and warned against investment by members of the public.
Even though cryptocurrencies are not officially accepted as a payment option in Belgium, a fraction of its over 11 million populace owns crypto tokens and will benefit from the crypto awareness campaigns.
Will we ever get to see a scam free crypto market?
