Bitcoin rose slightly on Wednesday, trading for about $ 42,300

0
10
Bitcoin rose slightly on Wednesday, trading for about $ 42,300

Rivals Ethereum and Dogecoin were trading around $2,913 (+0.27%) and 20 cents (+0.19%) per coin, respectively, according to CoinDesk.

BITCOIN MINERS EYE NUCLEAR POWER AS ENVIRONMENTAL CRITICISM MOUNTS

The “conflict of interest rule” was passed at a cabinet meeting Tuesday, and was instituted to prevent damage to users as well as increase transparency in the industry, the FSC said.

Crypto services providers have been given a month to set up internal processes for the conflict of interest rules, CoinDesk reported. Failure to comply will lead to suspension of business and up to KRW 100 million ($85,000) in penalties.

Story Highlights

  • Bitcoin was trading 1.12% higher Wednesday morning at about $42,300.

  • On Wednesday, South Korea banned virtual asset services providers (VASPs) and their staff from trading tokens issued by them, the country’s Financial Services Commission (FSC) said in a statement.

Bitcoin was trading 1.12% higher Wednesday morning at about $42,300. (istock)

In other cryptocurrency news, months before China’s latest crackdown, the Huobi Global cryptocurrency exchange relocated substantial operations units out of the country, primarily to crypto-friendly Singapore, former and current employees told CoinDesk.

Huobi had been trying to develop overseas operations since China’s earlier clampdown on crypto exchanges in September 2017. The following month, the company set up a separate legal entity in Singapore. CLICK HERE TO READ MORE ON FOX BUSINESS

Since then, considerable parts of operations such as business development and marketing began moving overseas, while the less-controversial technical teams remained in China, the current and former employees said. Last Friday, the People’s Bank of China (PBoC) announced the latest restrictions on cryptocurrency, CoinDesk reported.