Things are going in favor of bitcoin traders now. It has been more than 8 years since Bitcoin was discovered and until then it has survived a number of security attacks and criticism. Now, good times are not so far from the Bitcoin traders and supporters. It seems that there is no need of China to provide support to the most popular cryptocurrency now. There is much positivity in the Government regulations for Bitcoin and this adds to a good future for Bitcoin and other popular cryptocurrencies. This favor has provided credibility to this market and the supply of new coin offerings is limited!
According to Forbes, majority of cryptocurrencies including Bitcoin traded higher on Wednesday which happened after the news that United States and Japanese regulators are taking seriousness in writing rules for the cryptocurrency market. The most popular cryptocurrency Bitcoin soared above $4000 mark and held above it which is remarkably 30% above its recent low.
The Securities and Exchange Commission SEC is planning to create a Cyber Unit which will perform the monitoring of different cyber related misconducts which will include violations in initial coin offerings and distributed ledger technology.
The co-director of SEC’s Enforcement division, Stephanie Avakian said that cyber related misconducts and threats are one of the greatest risks faced by the investors and the securities industry. The Cyber unit will help in the detection and investigation of cyber threats and this will be an area of critical national importance.
Japan’s Financial Services Agency (FSA) has decided to have a full surveillance over the virtual currency operations in the country which will be effective from October. According to Japan Times, FSA will also check thoroughly whether the cryptocurrencies including bitcoin will have right internal controls over its operations so that the customer controls are properly controlled.