Greece Tightens Crackdown on Unlicensed Crypto Advisors
Date: 2025-02-20 Author: Henry Casey Categories: IN WORLD
Last year, the Hellenic Capital Market Commission (HCMC) referred more than 70 cases of illegal digital asset advisory services to the prosecutor's office. As a result of these activities, investors suffered significant losses, and the total amount of fines imposed on unlicensed advisors, including popular bloggers, reached 42 million euros ($43.8 million).
HCMC Chairperson Vasiliki Lazarakou noted the rise of cryptocurrency fraud in the country and called on citizens to be vigilant. She recommended avoiding promotional offers that promise quick and high returns, as well as carefully checking the reputation of crypto platforms and their advisors before investing.
The regulator intends to use modern technologies, including artificial intelligence and automated algorithms, to monitor online content and analyze influencer accounts on social networks such as Instagram, TikTok, and Facebook. These tools are expected to help identify illegal activity and prevent fraud at an early stage.
Additionally, the authorities plan to introduce the practice of using "mystery shoppers" who will check the quality of services on the crypto market and report violations. They will be able to personally assess the interaction of cryptocurrency companies with clients and transmit data on possible inconsistencies with the law to the regulator.
At the same time, the Greek Ministry of Economy and Finance announced plans to introduce a new tax system for digital assets in 2025. According to the proposed changes, profits from cryptocurrency trading will be taxed at 15%. These measures are aimed at strengthening market regulation and creating a more transparent and safe investment environment.
