2 months ago
Commodities

Crypto Prices Rebound, Denmark, Malaysia Set Eyes on Crypto Trading

Investing.com - Bitcoin and other major digital coin prices rebounded on Tuesday in Asia, following a tumble over the last

Investing.com - Bitcoin and other major digital coin prices rebounded on Tuesday in Asia, following a tumble over the last few days. Regulators in Denmark and Malaysia set eyes on crypto trading, and HSBC is actively using blockchain to improve transaction efficiency, according to reports this week.

Bitcoin gained 3.57% to $3,646.2 by 09:05 PM ET (02:06 GMT). Ethereum added 9.12% to $127.58, XRP was up 4.46% to $0.33134, and Litecoin rose 6.30% to $32.024.

The crypto market cap plummeted to $118 billion from $122 billion last Friday.

Danish tax authorities received some attention on Tuesday as the tax council gave the Danish Tax Agency the greenlight to collect information on digital currency trades from three domestic exchanges, including names, addresses and personal tax numbers.

According to Bloomberg, the regulator said on its website that the move is to ensure that citizens have paid taxes. It also emphasized that crypto traders must pay tax on any profits, while losses can be claimed for the tax deduction.

“Without going too far, I think one can say that this is a big market that we need to look at more closely,” said Karin Bergen, a director at the tax agency.

In Asia, Malaysia’s Securities Commission (SC) said they would regulate initial coin offerings as securities offerings starting Tuesday, as the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into force.

This means digital asset offerings and crypto exchanges would require approval from the SC before starting operations. They also have to comply with the securities laws in Malaysia.

In other news, HSBC said it has settled over three million forex trades and made over 150,000 payments since February 2018 using blockchain, involving $250 billion in transaction. The bank said it is studying how the technology could help multinational clients better manage forex flows.