With addiction centers filling up and problem-gambler hotlines ringing off the hook amid a broader normalization of sports betting, and with an estimated 78% of authorized fraud cases originating online, it’s time to consider whether that “Pay Now” button is a speed ramp that needs some guardrails. That’s what some regulators are preparing to do, indirectly, by rolling out new rules requiring a “cooling off” period for certain crypto trades. It’s an idea worth testing.
Starting Oct. 8, first-time crypto buyers in the UK will have to be offered a 24-hour delay between starting a purchase and completing it, as part of proposed tougher crypto advertising rules that also ban referral bonuses. And the European Union’s flagship crypto rules, due to come into force next year, also include a 14-day “right of withdrawal” (similar to existing rules for other online purchases) for consumers who buy tokens that aren’t backed by specific assets or currencies.
Source: Crypto ‘Cool-Down’ Is a Cure In 24/7 Money World – Bloomberg
