Crypto: BTC Drops amid South Africa Regulations
CRYPTO – On Wednesday, Bitcoin and other major digital coin prices fell in Asia. Further, this followed after South Africa announced plans to tighten regulations on cryptocurrencies.
The central bank of South Africa emphasized its plans to launch new rules that would make crypto exchanges accountable. Moreover, this is to assure the compliance of crypto assets with the money-laundering regulation.
Bulgaria, Denmark, and Japan are among the countries that announced initiatives to tither their crypto trading regulations this week. This is light with the announced commitment of G20 leaders during their December’s summit in Buenos Aires.
As of 12:58 AM ET (06:58 GMT), Bitcoin made a loss of 1.81% to $3,577.4. Ethereum fell 6.59% to $119.4. XRP went also down 1.86% to $0.32346. Moreover, there was 3.66% to $30.767 decline in Litecoin.
Last Tuesday, there was a mild recovery in most major crypto assets.
Meanwhile, the consultation paper of the South African Reserve Bank didn’t pursue its proposal on banning trade in cryptocurrencies.
“In order to achieve anti-money laundering/combating the financing of terrorism (AML/CFT) requirements, more specific requirements will be necessary in line with the recent amendments to the Financial Action Task Force (FATF) Recommendations,” the bank said.
Additionally, the bank stated that “regulatory action should not be delayed.” It will consult opinions until February 15.
Meanwhile, FATF is a global body that seeks to eliminate money laundering activity. There are expectations that the body will release guidelines for the new rules for cryptocurrencies on June 2019.
All cryptocurrency asset trading platforms, custodial service providers, and payment service providers need to register with authorities. Further, other requirements involve their compliance with the Financial Intelligence Centre Act’s AML/CFT provisions.
Crypto: Bitcoin rallies amid the investigation of Bulgaria’s tax agency to digital token companies
On Tuesday, cryptocurrency prices edged up. Further, Bitcoin, the world’s largest cryptocurrency, rallied past the $3,500 mark, shrugging off news regarding the plan of Bulgaria’s to investigate cryptocurrency companies.
Recently, Bulgaria became one of the countries that investors or companies in cryptocurrencies are having proper tax payment.
As of 8:47 AM ET (13:47 GMT), Bitcoin made a rally of 3.58% to $3,641.00. Overall, there were gains in cryptocurrencies. The total coin market capitalization of cryptocurrencies hit $123 billion at the time of writing. This is higher than Monday’s record of $118 billion.
There was an increase of 9.5% to $128.56 in Ethereum. Litecoin surged 6% to $32.12. Lastly, XRP added 4% to $0.33051.
On Monday, Bulgaria’s National Revenue Agency stated plans to investigate companies that trade cryptocurrencies. Moreover, the agency will check the taxes of these companies including their platform users.