Bitcoin Exhibits Impressive Move, OKEx Expanding to Malta and Australia Names Deadline for New Regulations


By Samuel Mowers at Investorideas.com

Bitcoin Exhibits Impressive Move, OKEx Expanding to Malta and Australia Names Deadline for New Regulations

Bitcoin (BTC) was trading as high as $8055 USD today, according to Coindesk, which is the highest its traded since late March. Interestingly the flagship cryptocurrency achieved this spike of more than $1000 USD  in the space of 45 minutes. It is unknown at press time the reason for this dramatic upward movement which represents more than a 15 percent increase in value.

Although the trading price has sunk to roughly $7650 USD at press time, it is still higher than Bitcoin has traded all month. According to data from CoinMarketCap, all of the top 20 cryptocurrencies have displayed growth in the last 24 hours leaving the total market cap at just under $300 billion USD at press time.

In a press release earlier today, the world's second-largest cryptocurrency exchange OKEx announced that it is expanding to Malta. Malta, a small island nation in the Mediterranean, has fashioned itself as a leader in digital ledger technology regulation. It even attracted the world's largest cryptocurrency exchange, Binance, to announce plans to move there last month.

In the press release, Chris Lee, CEO of OKEx, explained the company's interest in Malta's regulation as a reason for the move. The company's Chief Risk Officer and Head of Government Relations, Tim Byun, also commented:

"We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem."

Tim Byun, Chief Risk Officer and Head of Government Relations of OKEx, states: "Malta's Virtual Financial Asset Act is a solid foundation for the industry and the government to work together in fostering the nascent blockchain/digital asset industry. More specifically, Malta's sound risk-based approach will help cultivate a responsible, compliant, and healthy ecosystem."

In an announcement yesterday, the Australian Transaction Reports and Analysis Centre (AUSTRAC), identified a deadline for cryptocurrency exchanges to register to recent regulations. Digital currency exchanges (DCEs) will have until May 14 to register with the authority.

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