The announcement was actually released on September 30th but obviously was in Japanese so we had to wait for the translation. The crypto industry in Japan is much more friendly and well accepted in comparison to other developed nations. Now the Japanese regulators have taken it one step further and they are looking to regulate funds.
“It is anticipated that financial products that invest in crypto assets (virtual currency) will be formed in the future,” the agency notes in the introduction to the proposed revisions to Supervision Guidelines. “But there are also indications that investment in crypto assets is encouraging speculation. The agency believes that it should carefully handle the formation and sale of investment trusts that invest in such assets.”
When looking through the documents it seems the main area of worry is the liquidity and volatility of the assets and they refer to risky assets as “non-specific assets.”.
The country has had its issues, the collapse of Mt Gox in 2014 and the 2018 hack of the Coincheck exchange are the two main instances hat come to mind.
The FSA have been working to reestablish the crypto market on a better footing. The FSA has been fine-tuning the regulatory framework for exchanges and establishing a framework for crypto offerings and things seem much safer.
Bitcoin (BTC) hit $8,416 high on Wednesday and retreated to $8,250 by press time. The first digital coin has been range-bound with a bearish bias on Thursday amid growing indecision on the market.
ETH/USD is range-bound during Thursday trading. The second-largest digital coin with the current market value of $19.2 billion has stayed mostly unchanged both on a day-on-day basis and since the beginning of the day amid vanishing volatility and low trading volumes.
XMR/USD is currently priced at $56.35 and is trending in a downward flag formation. The price has had a bullish start to the day, following a bullish Wednesday. The hourly breakdown shows us that the bulls and bears have been involved in a back-and-forth throughout Wednesday.
EOS has been pretty directionless lately. The 7th largest digital asset with the current market value of $2.7 billion is siting in a tight range, limited by $3.00 on the upside and $2.70 on the downside. EOS/USD has been unable ot move outside this channel since September 25.
All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.
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