Crypto Rises; Japan Passes Crypto Regulations in the Upper House

The crypto market traded in the green on Wednesday morning in Asia with the total market cap amounting to $250 billion, up from $245.7 billion the day before.

Bitcoin traded 0.32% higher to $7,914.9 by 11:17 PM ET (02:26 AM GMT). Despite the small gain this morning, the digital coin has lost steam to slip back below $8,000. On May 16, it reached a 10-month-high at $8,287.2.

Ethereum rose 2.03% to $256.19, XRP gained 2.03% to $0.40249 and Litecoin added 0.42% to $91.1.

Asian crypto investors looked to reports that Japan passed new crypto regulation in the upper house of the National Diet.

Local news agency Nikkei reported on May 21 that amendments to two of the country’s financial laws, namely the Financial Instruments and Exchange Act and Payment Services Act, were made to add legislation for crypto margin trading.

Virtual currencies are now also referred as crypto assets, according to the new law.

The regulation will come into force within a few months to oversee crypto trading market better.

While Japan is embracing cryptocurrency, another Asian country is not following suit.

The central bank of Laos has warned the public against the use, purchase or sale of digital currencies, according to local news agency Vientiane Times on May 21. Crypto transactions remain illegal in the Southeast Asian country.

Laotian regulators are concerned that anonymity of the sender and receiver in a cryptocurrency transaction increases the risk of money laundering.

The warning has been issued after digital tokens such as Bitcoin, Ethereum and Litecoin have been advertised for use on social media.