3 months ago
Cryptocurrency News

Cryptocurrencies Dip as Singapore’s Exchange Urges Stricter Standards

Investing.com - Major cryptocurrencies slipped on Wednesday morning in Asia as a Singapore-based digital currency exchange operator, ABCC, called for

Investing.com - Major cryptocurrencies slipped on Wednesday morning in Asia as a Singapore-based digital currency exchange operator, ABCC, called for more stringent regulations on the tokens.

Bitcoin dropped 1.49% to $3,391.2 and Ethereum dived 2.08% to $87.81 at 10:45PM ET (02:45 GMT).

XRP edged down 0.12% to $87.81, while Litecoin fell 3.12% to $23.559.

ABCC CEO Calvin Cheng told Cryptovest that security is the main concern for crypto-investors, in response to a November review from CryptoCompare that analyzed the data of 130 digital currency exchanges last month.

The report showed that only one-third of these exchanges store the majority of users’ funds in offline wallets, while one out of 10 exchanges have been hacked. About 14% of the exchanges lack a public privacy policy or even a terms and conditions page.

What could be worrying is that less than half of the 130 exchanges “impose strict KYC [know-your-client] requirements.” (Source)

“Looking at the industry figures, exchanges with strong security still account for a much higher transaction volume,” Cheng said.

He added that digital tokens are becoming more popular in South Korea, China and Russia. (Source)

Meanwhile, the head of Allianz (DE: DE:ALVG) Global Investors Chief Executive Andreas Utermann said on Tuesday that cryptoassets should be “outlawed,” as they take away people’s savings.

“I am personally surprised that regulators haven’t stepped in harder,” Utermann said, cited by Reuters. (Source)

Still, other parties remain bullish toward digital tokens. Cointelegragh reported that Spanish ruling party Partido Popular (PP) is set to introduce a draft bill on cryptocurrencies and blockchain regulation in a few days, seeking to provide more certainty to investors.

PP Secretary Teodoro Garcia Egea was said to indicate the possibility of tax reductions for blockchain startups and companies with decentralized technologies. (Source)