Crypto assets decline as OECD demands global ICO regulation

Crypto assets decline as OECD demands global ICO regulation

On Monday, crypto assets tumbled due to the fact that the Organization for Economic Cooperation and Development drew attention to the necessity of the global regulation of initial coin offerings.

Considering their cross-border appeal, the OECD urged global watchdogs to demonstrate regulatory clarity and come up with a solid supervisory framework for ICOs just to make them safer for financing purposes.

The organization emphasized that ICOs are risky by nature and it equires a globally standardized set of measures to withstand money laundering as well as other criminal activities.

As a matter of fact, on the Index, Bitcoin headed south by 1.22% ending up with $3,550.6.

Digital coins generally slumped, with the overall market capitalization amounting to $119.7 billion in contrast with Friday’s reading of $121 billion.

Calls for regulation have long been arising for ICOs. However, global institutions have made minor progress on an international standard for crypto assets.

The U.S. Securities and Exchange Commission keeps looking for a way to implement a wide set of parameters. However, it has generally relied on cease-and-desist orders in addition to fines. In 2018, regulatory activity has tacked on with the SEC taking action in up to 18 cases having to do with crypto assets, compared to 5 in 2017.

A number of EU watchdogs, including the European Banking Authority as well as the European Securities and Markets Authority called for creating a set of rules, which would be standardized for the whole euro zone.

As for other digital coins, Ethereum went down by 1.66% ending up with $117.25. Litecoin hit $31.048, diving by 1.47%, and XRP declined by 0.21% reaching $0.3199.

What’s more, there was criticism for the asset class as a whole from a senior adviser to Britain’s major financial institution who heavily criticized digital coins for replacing fiat currencies issued by major banks.


USD/MXN: optimistic on the vaccine coming?
USD/MXN: optimistic on the vaccine coming?

During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?

Latest news

How to trade ahead and after BOC report?
How to trade ahead and after BOC report?

The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.

US earnings in January 2021: what you need to know
US earnings in January 2021: what you need to know

We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


Manager will call your number

Correct number

Your request is accepted

Manager will call your number

Next callback request for this phone number
will be available in {time}

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera