Crypto Mixed; Licenses to be Required for Crypto-related Activities in Egypt By Investing.com


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Investing.com – Prices of most of the top cryptocurrencies dropped on Wednesday morning in Asia, with as the only exception.

shed 1.21% to $8,661.9 by 11:46 PM ET (02:46 AM GMT). The digital coin has remained well above $8,000 since it reached the level two days ago.

dropped 0.62% to $268.98 and lost 2.19% to $113.25. However, XRP gained 2.46% to $0.44107.

The total market cap went down to $271.4 billion from $273.9 billion the previous day.

More central banks are regulating the crypto space. The Central Bank of Egypt drafted a new banking law to require licenses before one creates, advertises or operates platforms for issuing or trading cryptocurrencies.

The new law drafted by the Egyptian regulators intends to keep up with fintech development and the application of new technologies in the banking and financial services sectors.

It will also provide legal authority for the electronic authentication of financial institutions transactions, e-payment orders and transfer orders.

In other news, the recent uptick in Bitcoin’s price promoted South Korea to hold a pan-governmental meeting that aimed to closely monitor the country’s cryptocurrency market. As Bitcoin tested $9,000 this week, local officials deemed the surge as a sign of a possibly overheating market.

The meeting is joined by the Ministry of Economy and Finance, the Justice Ministry and the Financial Services Commission. It also aims to monitor domestic crypto exchanges and to intervene if the crypto market keeps surging.

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