Cryptocurrency

Crypto Up; Chile Proposes Bill to Regulate Crypto and Fintech By Investing.com

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© Reuters.

Investing.com – continued to rise past $5,400 as a new week opened in Asia. Other major cryptocurrencies also traded higher, with the total market cap climbing to $181 billion on Monday morning.

Bitcoin rose 2.74% to $5,447.3 by 12:07 AM ET (04:07 GMT). The digital token remained bullish this month to trade even higher.

added 2.45% to $172.01, gained 0.78% to $0.32238 and was up 1.34% to $76.156.

The Chilean government came into focus as it has introduced a bill to Congress for regulating cryptocurrencies and fintech. The details of the bill are not immediately known at this point.

The South American country sees a rising number of crypto exchanges which are not regulated. Felipe Larraín, Chile’s Minister of Finance, reportedly warned about the risks arising from these crypto exchanges.

“Regulation of these platforms would mitigate some of the risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate. We want to adequately protect against the risks associated with this kind of activity,” he said.

Larraín said the policymakers would consider that companies have different business models and services, which lead to different risks for the users and the financial market.

In other news, Japanese cryptocurrency exchange Zaif is going to resume operations seven months after suffering a hack and losing around $60 million.

On Monday, the crypto exchange said on its website that it has signed over its business from its former parent company Tech Bureau to the listed Japanese investment firm Fisco Digital Asset Group.

In the hack that occurred last September, Zaif lost around $60 worth of cryptocurrencies, which included Bitcoin, Monacoin and . Two months later, Fisco Digital Asset Group offered around $44.6 billion to aid Tech Bureau financially and to acquire most of the firm’s shares.

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