Investing.com - Cryptocurrencies traded lower across the board on Monday as worries over Japanese regulation outweighed signs that South Korea could ease restrictions.
By descending market capitalization, Bitcoin, lost 1.87% in the last 24 hours to reach $9,356.70 on the Bitfinex exchange by 8:30AM ET (12:30GMT), Ethereum fell 4.76% to $737.73 in the last 24 hours, Ripple traded down 4.03% to $0.82275, while Bitcoin Cash, product of the Bitcoin fork and the fourth largest cryptocurrency by market capitalization, dropped 3.49% to $1,632.30.
Japan’s Financial Services Agency (FSA) is set to introduce stricter guidelines for local cryptocurrency exchange platforms to prevent another crypto hack, reports over the weekend suggested.
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 process would also be developed to eliminate money laundering, according to the reports.
The stricter guidelines in Japan outweighed the more positive news that the 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.