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Crypto Prices Mixed; EU Mulls Unified Regulations

Investing.com

Investing.com - Bitcoin and other major digital coin prices were mixed on Thursday in Asia as international regulators sent different signals. The EU is mulling unified regulations while Thailand’s watchdog green-lighted crypto businesses.

Bitcoin slid 0.13% to $3,992.7.4 by 11:28 PM ET (04:28 GMT). Ethereum was down 1.69% to $149.2, XRP rose 3.19% to $0.3758, and Litecoin lost 2.58% to $38.53.

Reports that European regulators mulled regulations on crypto assets on a broader scale received some attention on Thursday morning.

Adam Farkas, executive director of the European Banking Authority (EBA), said the authority called on the European Commission to assess whether regulatory action is needed to achieve a common EU approach to crypto-assets.

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“The EBA’s warnings to consumers and institutions on virtual currencies remain valid…The EBA continues to monitor market developments from a prudential and consumer perspective,” said Farkas.

The banking regulator said that crypto assets currently fall outside the scope of financial-services regulations and pose potential risks to consumers, adding that new rules may be needed to protect consumers from risks associated with virtual tokens.

This year will see more rules for the crypto assets. In line with the EBA is the Financial Action Task Force (FATF), the global money-laundering regulator that is expected to release rules on the oversight of cryptocurrencies by June 2019.

These rules will cover crypto exchanges, digital wallet providers and initial coin offerings. Jurisdictions worldwide will then need to license or regulate crypto exchanges and digital wallet providers to deter the use of digital tokens for money laundering, terrorism financing or other crimes.

Meanwhile in Asia, Thai financial regulators have granted working licenses to three crypto trading companies, the country’s Securities and Exchange Commission said in a statement. Not only has the country approved crypto and ICO regulations, but it also legalised seven cryptocurrencies, including Bitcoin and Ethereum, according to the statement.

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