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Crypto Rebounds; FATF to Introduce Global Crypto Regulation

© Reuters. – Most of the major cryptocurrencies rebounded on Thursday in Asia, with Litecoin being the only exception.

Bitcoin rose 1.54% to $8,084.7 by 1:08 AM ET (05:08 GMT). The world’s largest crypto coin gained steam to surpass $8,000 for the first time this week.

Ethereum added 4.11% to $258.83 and XRP edged up 2.81% to $0.40302. But Litecoin was down 3.49% to $134.64.

The total market cap recovered to $261.1 billion from $253.1 billion the day before.

The Financial Action Task Force, an intergovernmental organization founded by the G7 to develop policies to combat money laundering, is working to tighten regulation on the digital assets sector.

On June 21, it will publish a note to the participant nations about the proposed new rules, which concern crypto exchanges, custodians and crypto hedge funds.

Under the rules, major spot exchanges as well as asset managers are required to gather data on all clients who initiate transactions worth over $1,000 or EUR1,000. They will also have to provide data on who receives the funds and share it with the recipient’s own service provider.

Industry insiders worry that the new guideline will have a counter effect.

“Applying bank regulations to this industry could drive more people to conduct person-to-person transactions, which would result in less transparency for law enforcement,” said Coinbase’s Chief Compliance Officer Jeff Horowitz.

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