Crypto Corner - July 3, 2018
Market Regains $35 Billion USD Since Friday, India's Highest Court Keeps Central Bank Crypto Ban, Thai Securities Firms Consider Joint Exchange and Japan's FSA to Change Regulations
After dropping as low as $232 billion USD on Friday, June 29, the crypto market has displayed a recovery of sorts after growing $35 billion USD over the weekend to reach $269 billion USD at press time, according to data from CoinMarketCap.
The Indian Supreme Court has ruled that it will not overturn the country's central bank ban on dealings with cryptocurrencies, according to a report in Bloomberg. The Reserve Bank of India (RBI) issued the ban on April 5, 2018. The Bloomberg piece connects the court's decision with the general global reaction to the market's instability.
In India, the finance ministry has yet to make a final ruling on a formal ban, but the recent volatility in cryptocurrency markets has only emboldened policymakers around the world to take a more skeptical view of the trade. Investors and technology platform providers for cryptocurrencies are worried as uncertainty looms over future of digital currencies.
Thailand's Association of Securities Companies (Asco) is considering the establishment of a joint cryptocurrency exchange, according to a piece yesterday in the Bangkok Post. Asco chairwoman, Pattera Dilokrungthirapop, indicated that people's existing trust in the securities firms that comprise Asco, position the body ideally to form an exchange.
"We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time," she said. "Investors can trust our trading system, which has secured asset preservation."
Japan's Financial Services Agency (FSA) is reportedly examining the possibility of a shift from its current underpinning law to that of the country's Financial Instruments and Exchange Act. Local outlet Sankei reports that the move would result in a greater emphasis on consumer protection, as well as a reclassification of crypto from "electronic money" to a "financial product".
Sam Mowers, Investorideas
Read other editions of the Crypto Corner
Get the Crypto Corner News by email Get Crypto Corner News