The Securities and Commodity Futures Commission (SFC), Hong Kong's financial regulator, said on Friday it will close cryptocurrency exchanges that operate in Asia's financial market without a license or violate local securities laws.
Today we continue to analyze our previous forecast and try to determine the objective reasons for yesterday's consolidation.
The market bubble for virtual currencies is already deflating, but central banks should still pay attention to them as innovation can remain even if the market's early leaders have disappeared, European Central Bank board member Eaves Moersch said on Thursday.
At the beginning of this year, it became known that former Wall Street hedge fund manager Mark Novogratz announced his intentions to open a cryptocurrency trading bank with the loud name Galaxy Digital. Novogratz has already raised about $250 million for the project, according to a person familiar with the details of the deal.
Japanese regulators are going to check companies that engage in activities related to various virtual currencies. This decision was made after a major hacker attack on the Coincheck exchange. Regulators believe that increased scrutiny will force these companies to strengthen safety and consumer protection measures.
Prices for cryptocurrencies such as bitcoin may never stabilize, and digital tokens risk simply becoming the equivalent of a pyramid scheme.
The Indian Tax Department is looking for investors who do not pay taxes on profits from digital currency transactions.
Cryptocurrency in Australia is officially legalized after the Australian Taxation Office voiced its dissatisfaction that the budget is being bypassed by tax revenues from transactions with bitcoin.
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