Investing.com – Cryptocurrencies’ prices plunged on Monday, with Ripple and Ethereum falling more than 10% as Japan is reportedly set to introduce stricter rules for local cryptocurrency exchange platforms.
Bitcoin was trading at $9,310.2 by 12:10AM ET (04:10GMT) on the Bitfinex exchange, down 6.1% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, plunged 10.5% at $752.6 on the Bitfinex exchange.
Ripple’s XRP token fell 11.3% to $0.81436 on the Poloniex exchange.
Meanwhile, Litecoin also slid 9.2% to $164.3.
Japan’s Financial Services Agency (FSA) is set to introduce stricter guidelines for local cryptocurrency exchange platforms to prevent another crypto hack, reports suggested.
The news broke after Coincheck, a Japan-based crypto exchange, was hacked in January and resulted in a theft of more than $500 million worth of digital coins.
The FSA is introducing a “five-point agenda” to strengthen the crypto exchange regulations, which would include more robust security standards such as a two-factor authentication for currency transfers and a system that ensures coins are not stored on online wallets as they are prone to hacking. A more thorough know-your-customer processes would also be developed to eliminate money laundering, according to the reports.
Elsewhere, Governor of South Korea’s Financial Supervisory Service Yoon Suk-Heun said the country is considering to ease local crypto regulations.
“Regarding cryptocurrencies, there are some positive aspects,” Yoon told reporters.
“The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes. The FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC,” Yoon said.