During the conference in Hague, German Chancellor Angela Merkel said that the EU would find a backstop solution by October 31 (Brexit deadline).
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 Investing.com 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.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.