Crypto Down; G20 Calls for Continuous Monitoring

The crypto market traded in the red on Monday morning in Asia with the total market cap down to $245.6 billion.

Bitcoin dropped 2.90% to $7,620.9 by 11:25 PM ET (03:25 AM GMT). The coin has been too weak to climb back to the $8,000 level since a drop last week. Now it hovers around the $7,600 range.

Similarly, Ethereum lost 3.07% to $232.75, XRP shed 4.72% to $0.3852, and Litecoin was down 0.91% to $115.52.

Regulations on cryptocurrencies seem to gathering steam worldwide.

On June 9, G20 finance ministers and central bank governors asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks arising from cryptocurrencies.

“We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets. We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed,” the financer ministers said in a note.

The regulators said crypto assets do not pose a threat to global financial stability at this moment, but they shall remain vigilant to risks related to consumer and investor protection, anti-money laundering and countering the financing of terrorism.

Last Friday, the mayor of Vancouver Kennedy Stewart suggested a ban on Bitcoin ATMs due to money laundering risks. The move came after reports that eight people were arrested in Spain for laundering money by exchanging fiat currency to crypto assets.

Indian regulators have also proposed to jail those who get involved in crypto dealings for 10 years or those who mine, hold, buy and sell digital coins.