finance

Bitcoin Slips; South Korea to Categorise Crypto Exchanges as Legal Entities


© Reuters. Bitcoin and other major cryptocurrencies slipped on Friday

Investing.com – Bitcoin and other major cryptocurrencies slipped on Friday, while reports that South Korea is planning to categorize cryptocurrency exchanges as legal entities received some focus.

 was trading at $6,545.9 by 11:30PM ET (03:30 GMT) on the Bitfinex exchange, down 0.9% over the previous 24 hours.   

, the world’s second largest cryptocurrency by market cap, slipped 0.6% to $468.5 on the Bitfinex exchange.   

’s XRP token fell 4.1% to $0.47365 on the Poloniex exchange.   

Meanwhile,  traded 1.9% lower to $83.884.   

Crypto exchanges would soon be categorized as “crypto asset exchanges and brokerages” in South Korea, local media outlet TheBchain reported on Friday, adding that the move was an attempt to lay a formal foundation for the legitimacy of crypto and blockchain technology.

The government is expected to release full details on the new system later this month.

In other news, Indian banks, financial institutions and other regulated entities are prohibited from participating in any crypto-related transactions starting from today. The Indian government is expected to maintain its ban on crypto until the markets stabilize, reports this week suggested.

G.V. Anand Bhushan, a partner, at Shardul Amarchand Mangaldas & Co. recently said in an interview with Bloomberg that “Nobody is able to price the risk currently. The minute you have clarity on exchanges and whether digital currencies can be used as a medium of exchange or payment, or if it is a commodity, there will be less speculation and much more stability in pricing.”

Bitcoin and major cryptocurrencies received some support on Thursday after Thailand announced the date for its Initial coin offering (ICO) regulations and Malta passed a series of crypto and blockchain bills.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more