Japan expands its crypto team to review new applicants

Summary:

• Japanese financial regulator publishes the current state of crypto regulations

• Mexico releases some guidelines regarding cryptocurrencies

• Dash may find it hard to get back above its relevant resistance

Digital currencies have not performed well in recent months and their appeal has undoubtedly shrunk at the same time. Currently most of them are trading below the levels seen in the past year and nothing suggests that something could change in the foreseeable future. Either way, for those being interested what is happening around the world regarding virtual currencies we have a handful of information from Japan and Mexico.

The Japan’s top financial regulator, the Financial Services Agency or FSA, unveiled some data with regard to a number of crypto companies which have successfully gone through a process enabling them to operate in the country. First of all, only 3 out of 16 companies which have got approval to operate cryptocurrency exchanges have survived the latest FSA’s inspections. It is worth noting that only one company was rejected by the Japan’s financial regulator while the remaining 13 ones simply withdrew their applications. What could be yet more interesting, even as the FSA keeps reviewing crypto companies thoroughly there are further 160 firms being interested in registering crypto exchanges there. Given the increased number of such companies the FSA has decided to add new employees to its crypto team in order to shorten the time necessary to review companies’ applications. The current headcount is 30 people whereas the agency plans to add subsequent 12 employees in the financial year 2019.

Litecoin could resume falling in the hours to come as it’s failed recently to break through $57 twice. If so, the price could move down toward $48 where the important support might be localized. Source: xStation5

While some countries around the world are tightening the screws on activity related to cryptocurrencies, Mexico is not going to ban such activity altogether. In newly released guidelines by regarding virtual currencies the Mexican government determined new legislation for the fintech industry - such firms must gain approval from the central bank to operate in the country. The ruled released roughly a week ago will apply also to crowdfunding companies, online payments and cryptocurrencies. Note that the authorities expect as much as 73 fintech companies to apply for registration. What is equally relevant for all firms being interested in launching crypto exchanges they will be allowed to handle only cryptocurrencies approved by the Bank of Mexico - the central bank has yet to determine which virtual currencies will be allowed.

After Dash broke through $218 at the beginning of August it took two attempts to come back above this threshold - both failed. The price is expected to continue declining unless it manages to rise above $218. If so, a corrective increase toward $285 might be on the cards. Source: xStation5