Cryptos Fall as Japan Issues a Warning and France Considers ICO Legislation

Cryptos Fall as Japan Issues a Warning and France Considers ICO Legislation

© Reuters.  Cryptos were lower on Friday.© Reuters. Cryptos were lower on Friday. – and other virtual currencies fell on Friday, as Japan issued a warning to crypto exchange Binance and France considered legislation for cryptocurrency fundraisers.

Bitcoin was trading at $8,471.30, falling 3.78% as of 7:17 AM ET (11:17 GMT) the Bitfinex exchange, not far from its session low of $8,375.80.The cryptocurrency has struggled to gain ground after falling to $6,000 in early February and is far from its peak of $20,000 in December.

Virtual coins were also kept down by news that Japan’s Financial Services Agency (FSA) has issued a warning to platform Binance for operating in Japan without a license.

Binance, one of the world’s largest crypto exchange platforms, was issued a warning on Friday for conducting business with Japanese residents on the internet without a license. Binance also allegedly allowed Japanese residents to open accounts on the internet without properly confirming their identities.

In France, lawmakers are considering a legal framework for initial coin offerings in the hopes of becoming a hub for the digital fundraisers.

Finance minister Bruno Le Maire wrote in an opinion piece that he has asked for a draft bill related to cryptocurrencies, which will allow stock market regulator AMF to oversee the release of tokens.

“France has every interest in becoming the first major financial center to propose an ad-hoc legislative framework that will allow companies initiating an ICO to demonstrate their seriousness to potential investors,” Le Maire wrote.

Other virtual currencies were lower, with rival , the world’s second largest cryptocurrency by market cap, down 4.49% to $518.49 on the Bitfinex exchange. , the third largest virtual currency, slipped 4.71% to $0.62649 while was last at $160.62, a decrease of 2.28%

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