Egypt's Financial Regulatory Authority issues cryptocurrency warning

Egypt’s Financial Regulatory Authority (FRA) said on Tuesday that enticing investors into dealing with cryptocurrencies is considered a “form of deception that falls under legal liability.”
FRA head Mohamed Omran has warned of calls to invest in crypotcurrencies, highlighting the fact that such dealings are not regulated by any official body in Egypt and are not part of the monetary authority.

The FRA statement said Omran had cited the Egyptian stock market and Nilex, which helps medium and small companies raise capital, as two regulated possibilities for investment.

Currently, the statement added, amendments are being made to the financial markets law to regulate the foundation of futures and commodity exchanges.

“[Exchanges] other than what have been mentioned