The Denmark Financial Supervisory Authority (FSA) announced on Tuesday that virtual currency – including the popular cryptocurrency, Bitcoin – is not covered by existing financial regulations. This means that spenders must do so at their own risk.

“The FSA has concluded that the activity does not qualify as issuance of electronic money, the provision of payment, currency exchange, receiving deposits or securities brokerage, and the activity therefore not subject to financial regulation,” according to a Google-translated statement.

The Denmark statement comes on the heels of a similar announcement from the European Banking Authority (EBA) on Friday. The EBA report declared that consumers are not protected through financial regulations and warned virtual currency users of the dangers of those types of transactions.