Cyprus Securities and Exchange Commission (CySEC) has informed the investing public about the XECOIN or cryptocoin that according to information is available in Cyprus.
XECOIN or cryptocoin is not a financial instrument. Therefore, it does not fall within the scope of the Investment Services and Activities and Regulated Markets Laws of 2007 to 2016, nor is supervised by CySEC.
CySEC also noted that currently there are no specific regulations for the protection of persons transacting in XECOIN or cryptocoin or other virtual currencies.
CySEC urged the investing public to exercise extreme caution in products promising high returns. It is important that the investing public is informed, before accepting such offers, about the risks associated with them, including possible loss of money.