California launches crypto guidance website

California Attorney General’s office calls for people to “avoid the hype” and visit the website.

California Attorney General (AG) Rob Bonta wants to help Californians be aware of the risk surrounding crypto investments.

The AG’s office has launched a new website to provide reliable information and help people avoid scams.

The website  was launched on Tuesday, and is full of useful information about trading and investing in cryptocurrencies, as well as other digital assets such as non-fungible tokens (NFTs).

Bonta said that everyone “from celebrities to your next-door neighbor” seems to want to invest, often expecting “fast and easy money”.

However, he also stressed that there are definite risks involved, and that there are no guarantees of “large – or any – returns”.

One of the main risk factors that AG Bonta pointed out was the market’s volatility, outlining that there are no government guarantees or insurances for digital assets.

Another focal point was the allure of easy money with questionable crypto investment options that are often associated with crypto scams.

The new website echoes Bonta’s cautionary words, and includes general information on crypto assets and risk descriptors.

It also offers helpful resources, such as detailed descriptions of some of the most common crypto scams, a list of “red flags” outlining what citizens should look out for, as well as some general tips to stay safe.

Bonta urged people to “avoid the hype, get the facts, and visit” the website.

California has historically been rather friendly towards crypto. A SmartAssets study put it in the top three states for cryptocurrency enthusiasts, and a Crypto Head review named it the most “crypto-ready state” in the US.

However, some argue that without regulation, crypto scams and investments gone awry will start running rampant in the state.

However, Governor Gavin Newsom vetoed a bill to introduce a regulatory framework for crypto in September, asking for a more flexible and adjustable approach towards digital assets.

So, it seems even the most “crypto-ready state” has more details to figure out before it becomes a fully-fledged “crypto state”.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Kyamil Nasuf

Reporter

Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.

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