Bitcoin sinks on Russia’s attempt to regulate crypto

On Tuesday, Bitcoin headed south, reacting to reports that Russia contacted a global financial watchdog, the Financial Action Task Force for the purpose of regulating crypto assets.

As a matter of fact, Bitcoin inched down by nearly 2.1% coming up with an outcome of up to $6,395.8 on the Bitifinex exchange.

Besides this, on the Poloniex exchange, Ethereum headed south by 3.6% ending up with $198.02. As for Litecoin, this crypto asset sank by 5.5% showing $49.611, while XRP lost about 2.9% being worth $0.44956.

On Tuesday, CNN informed that Russia urged the Financial Action Task Force to request an intergovernmental initiative, which could control the flow and supply of crypto assets.

As the Deputy Director of Russia's Financial Monitor Service, Pavel Livadny told, all FATF members require changing the legislation to include fresh crypto ecosystems. The members are obliged to introduce license and registration parameters for the businesses developing in the space, including exchanges, ICOs as well as cryptographic administrators. The FATF requires closely watching the companies’ activities along with standards for anti-money laundering.

In June, the FATF told it was all geared up towards coming up with global-binding policies for crypto exchanges.

Moreover, CNN stressed that the Russian crypto community has criticized FATA’s initiative.

Besides this, Canada-based crypto exchange MapleChange told that having faced a cyber attack, it was currently investigating the case.

On Twitter, the exchange told its clients that the overall extent of losses wasn’t known at the moment, although it’s unable to refund everybody all their funds.

As follows from the latest update on the exchange’s Twitter account, they’re sending all of the coin developers the wallets with the assets left by them.

In addition to thisl, MapleChange told that that it wouldn’t have Bitcoin as well as Litecoin funds refunded.

cryptocurrency