Tanya Abrosimova
Independent Analyst
- China may cut the crypto traders off the domestic financial system.
- Other countries are also contemplating tighter regulation.
China, known for its hostile approach towards cryptocurrency, is moving forward with new restrictive measures. According to Bloomberg, the country targets overseas platforms that allow Chinese residents trading digital assets.
Regulators might choose to freeze bank accounts and other assets of companies and individuals engaged in cryptocurrency trading. These measures will close the loophole that allowed Chinese citizens trading virtual coins after the country’s authorities banned cryptocurrency exchanges and blocked access to the platforms that offered similar services.
While Chinese regulators are working hard on seeking everything crypto out of the country, South Korea cannot decide what to do the volatile and highly speculative industry. The Korean regulator had to soften its attitude after massive protests against the proposed cryptocurrency trading ban.
Read more about developments in South Korea
European authorities intend to discuss the subject at G20 meeting to push for developing a global approach to dealing with crypto-related risks. According to EU’s financial services chief, the European Union may impose rules on a federal level, if the international effort is not enough to tackle the issues.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.