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India Tells Banks within its Jurisdiction to Stop Cryptocurrency Transactions, FCA Clarifies Cryptocurrency Regulation

By:
Yaron Mazor
Updated: Apr 8, 2018, 11:36 UTC

India has issued a mandate telling banks under its jurisdiction not to engage with cryptocurrencies within three months. And the Financial Conduct Authority of England has said enterprises engaging in business under its domain need to pay strict attention to its handbook on activities.

crypto regulation

The government of India (and Pakistan) has issued an edict telling banks within its jurisdiction they will no longer be able to partake in cryptocurrencies in three months. Indian citizens, along with other Asian markets are key players in cryptocurrencies and their speculation. If the citizens of India find it more difficult to engage in the buying and selling of cryptocurrencies it could hurt the digital assets market. News of the decision began to emerge on Friday from India, but as of yet, there has not been a seismic reaction.

Bitcoin Remains Delicately Valued, Barrage of Headwinds Still Strong

Bitcoin is priced near 7000.00 U.S Dollars per coin and remains in a delicate range. The digital asset touched lows around 6600.00 late in the week. And while it has put in some gains the past twenty-four hours the results are certain to be tested in the coming days. Important support continues to be around 6500.00 short terms, while resistance now seems speculatively high near the 8000.00 U.S Dollar juncture. The broad crypto market remains under the barrage of headwinds and will have to escape its current plateau and climb for a change in sentiment to spring forward. The question near term is if more buyers will emerge or if they will continue to sit on their hands until the bear trend stops per their perspectives.

Bitcoin Daily Chart
Bitcoin Daily Chart

Financial Conduct Authority of England Steps up Oversight of Digital Assets

The Financial Conduct Authority of England has issued a statement regarding cryptocurrencies saying all firms trading under its domain need to pay strict attention to the FCA’s handbook. The statement went onto say that it views digital assets as financial instruments, but does not consider cryptocurrencies as currencies or commodities. The move by the FCA is certainly a way of stepping up its regulatory activities and it will likely become more involved in the oversight of Initial Coin Offerings and tokens. The move in many respects is a direct reflection per the mandates the Security Exchange Commission in the United States has undertaken the past couple of months.

Yaron Mazor is a senior analyst at SuperTraderTV.

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About the Author

Yaron Mazorcontributor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.

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