Cryptocurrencies Prices Fell, as Japan Introduces Stricter Rules for Exchange Platforms

Building of Financial Services Agency in Japan

Prices for cryptocurrencies fell on Monday, when Ripple and Ethereum fell by more than 10%, as it was reported that Japan had established stricter rules for local cryptocurrency exchange platforms.

Bitcoin traded at a price of $9,310.2 for 12:10 ET (04: 10GMT) on the Bitfinex exchange, which is 6.1% less than in the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market capitalization, fell 10.5% to $752.6 on the Bitfinex exchange.

The Ripple token fell 11.3% to 0.8436 dollars on the Poloniex exchange.

Meanwhile, Litecoin also fell 9.2% to $164.3.

The Japanese Financial Services Agency (FSA) intends to introduce more stringent recommendations for local cryptocurrency exchange platforms to prevent the next hacking of crypto, according to reports.

The news broke after Coincheck, the Japanese crypto exchange, was hacked in January and led to the theft of digital coins for more than $500 million.

FSA introduces a “five-point agenda” to strengthen crypto exchange rules that will include more robust security standards such as two-factor authentication for money transfers and a system that ensures that coins are not stored in online purses because they are prone to hacking. According to the reports, more thorough “your clients” processes will be developed to eliminate money laundering.

Elsewhere, Governor of the South Korean Financial Supervision Service, Yoon Suk-Heun, said the country is considering the possibility of weakening the local crypto regulations.

As Yun told reporters: “Regarding cryptocurrencies, there are some positive aspects”.

then Yun added:

“The FSS will cooperate with the FSC when the inspection of politicians and financial institutions will have different configurations related to different areas. FSC checks the policy, while the FSS examines and controls financial institutions, but controls the FSC”