Cryptocurrencies edge higher, EU regulators call for bloc-wide crypto regulation
Jan 09, 2019
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Crypto Market Recap
- Cryptocurrencies edged slightly higher in overnight trading as Bitcoin (BTC) is up 0.06% in the last 24 hours to USD$4,054.14. TRON (TRX) is continuing to lead gains in major coins, up 5.42% in the last 24 hours to USD$0.027569 while Cardano (ADA) follows closely behind, up 5.16% in the last 24 hours to USD$0.051639. Maker (MKR) and Waves (WAVES) lagged major cryptocurrencies in overnight trading, down 2.42% and 1.83% in the last 24 hours to USD$480.99 and USD$2.92, respectively.
Crypto Developments in Financial Services
- ShapeShift, a large Switzerland-based cryptocurrency exchange headed by prominent crypto CEO Erik Voorhees, has confirmed that it’s laid off a third of its staff. As per a company blog post titled, “Overcoming ShapeShift’s Crypto Winter and the Path Ahead,” ShapeShift laid off 37 employees while attributing the staff cuts to the, “latest bear market cycle.” The blog post also highlights that the exchange’s, “greatest and worst financial decision was to embrace substantial exposure to crypto assets.”
Crypto Regulatory Environment
- The European Banking Authority (EBA), a European Union (EU) regulatory agency, and the European Securities and Markets Authority (ESMA), an EU securities regulator, have both separately called for bloc-wide cryptocurrency and Initial Coin Offering (ICO) rules. The EBA published a report on Tuesday saying that crypto asset activities do not fall under pre-existing financial laws while urging the European Commission to perform a, “comprehensive,” analysis to determine what actions should be taken at the EU level. Separately, the ESMA also published a report on crypto assets and ICOs Wednesday morning that advises the European Commission on what existing rules could be applied to crypto assets and what gaps in regulation should be filled with new legislation.
- Japan's Financial Services Agency (FSA) denied reports that it is considering the approval of Bitcoin (BTC) exchange-traded funds (ETFs), according to an article by Cointelegraph Japan. In response to a Bloomberg article on Monday that claimed Japan’s FSA is considering the approval of BTC ETFs, Japan’s FSA said that, “At this moment, we are not exploring an approval of ETFs based on crypto assets.” Additionally, Japan’s FSA detailed that it does not know who the person is that the Bloomberg article cites in its report.
- Mikhail Vidyakin, the director of the strategy and reform department of the National Bank of Ukraine (NBU), said that overregulation in the country is preventing the domestic cryptocurrency industry from flourishing while speaking to crypto news outlet LetKnow on Tuesday. Vidyakin discussed that he believes there are too many institutions in the country trying to regulate cryptocurrencies, highlighting that the NBU, the Ministry of Finance, and the National Securities Commission all technically have the authority to regulate cryptocurrencies in Ukraine.
- Thailand’s Ministry of Finance has granted working licenses to three cryptocurrency exchanges, including Bitcoin Exchange Co., Bitkub Online Co., and Satang Corporation, while denying licenses to two firms that sought to become regulated exchanges. The two firms denied cryptocurrency exchange licenses, Southeast Asia Digital Exchange Co. And Cash2Coins Co., failed to meet standards set by Thailand’s Securities and Exchange Commission -- the two exchanges have until January 14th to notify their users to withdraw or transfer their digital holdings.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio