Muscat: The Financial Services Authority (FSA) has urged people to exercise caution when dealing with investment-related virtual assets.
This was pointed out in an advisory issued by the authority on Thursday, in which it emphasised the importance of transacting only with companies registered with the FSA to ensure the safety of investments and avoid falling prey to fraudulent schemes.
In its latest announcement, the FSA outlined the risks associated with dealing with unregistered entities.
These risks include financial loss due to fraudulent activities, the absence of legal guarantees to protect investor rights, and the potential misuse of funds for unlawful purposes such as terrorism financing and money laundering.
To safeguard investments, the FSA advised the public to verify the registration status of companies by visiting its official website or consulting with its specialists. Additionally, individuals are encouraged to request registration documents and supporting evidence from companies before proceeding with any transactions.
The FSA reiterated its commitment to protecting investors and raising awareness about investment-related scams involving virtual assets.
Oman Observer is now on the WhatsApp channel. Click here
