Investing.com - Bitcoin prices dropped on Tuesday following reports that Russia contacted the Financial Action Task Force (FATF), a global financial regulatory body, to regulate cryptocurrencies.
Bitcoin dropped 2.1% to $6,395.8 by 1:53 AM ET (05:53 GMT) on the Bitifinex exchange.
Ethereum fell 3.6% to $198.02 and Litecoin dropped 5.5% at $49.611. XRP dipped 2.9% to $0.44956 on the Poloniex exchange.
Citing local media sources, CNN reported on Tuesday that Russia urged the FATF to request an intergovernmental initiative that could control the supply and flow of cryptocurrencies.
“All FATF members must change the legislation to include new crypto ecosystems. They should introduce registration and license parameters for the companies developing in the space, which include exchanges, initial coin offering projects, and cryptographic administrators. FATF should also monitor the companies’ activities and standards for anti-money laundering,” said Pavel Livadny, the Deputy Director of Russia's Financial Monitor Service.
FATF announced in June that it wanted to create global-binding policies for cryptocurrency exchanges.
CNN added that some in the Russian crypto community have criticised FATA’s efforts were “knee-jerk reactions” to the sudden Bitcoin boom.
In other news, Canada-based crypto exchange MapleChange said over the weekend that it has “sustained a hack” and was investigating the issue.
The exchange told its customers on Twitter that the total extent of losses was not clear at the moment, but it “cannot refund everyone all their funds.”
The latest update on the exchange’s Twitter page read: “We are sending all of the coin developers the wallets containing the coins we have left. So far, LMO [lucky money]and CCX [carbon credit coin] have been handed over the funds.”
MapleChange added that it would not refund Bitcoin and Litecoin funds.