Cryptocurrencies market have generally declined today, May 7th, as concerns about Japan’s cryptocurrencies regulation have offset indications that South Korea could curb its restrictions. At the moment of this writing, in descending order by market capitalization, Bitcoin (BTC) has dropped by 1.94% in the last 24 hours and reached $9.397, according to Bitfinex cryptocurrency exchange, the Ethereum (ETH) has fallen by 5.27% to $745 in the last 24 hours, while the Ripple (XRP) has dropped by 4.64% to the $0.82 level.
Furthermore, the Bitcoin Cash (BCH), the product of a bifurcation of the Bitcoin (BTC) and currently the fourth crypto coin by market capitalization, has recorded a decline of 5.48% in the last 24 hours hitting the to $1,638 level.
At this moment, the single cryptocurrency for top 10 which is appreciating is the EOS (EOS).
Cryptocurrencies market is declining due to the announcement of much stricter cryptocurrency regulations coming from Japan
Japan’s Financial Services Agency will implement strict guidelines for local cryptocurrency exchange platforms to prevent another cyber attack in the crypto-verse, according to reports coming out at the end of the last weekend.
The FSA will present a “five-point plan” to strengthen regulations for cryptocurrencies transactions which will include stricter security standards such as double authentication for coin transfers and a system to ensure that coins are not stored in online wallets as these are prone to piracy.
A more thorough “know your customer” process would also be developed to prevent money laundering, according to reports.
Japan’s implementation of stricter cryptocurrency regulations has shadowed the more encouraging news that the governor of South Korea’s Financial Supervisory Service, Yoon Suk-Heun, is considering lessening up the local cryptocurrency regulations.
“The Financial Supervisory Service (FSS) will collaborate with the Financial Services Committee (FSC) when an inspection of financial policies and institutions has different configurations relating to different areas. FSC inspects policies, while FSS examines and supervises financial institutions but under FSC supervision,” said Yoon.
In short, cryptocurrencies market is in decline today, with all the major cryptocurrencies showing losses, due to the new announcement that much stricter cryptocurrency regulations will be implemented in Japan.