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Crypto Advance; Russia Moves Closer to National Crypto Regulations

Investing.com – Major cryptocurrencies rebounded on Wednesday morning in Asia after losing ground during the first two trading days this week. Russia caught traders attention again as the country’s parliament adopted a bill to move closer to formulating national crypto legislation.

Bitcoin bounced back from around $3,700, trading at $3,840.9 by 10:07 PM ET (03:07 AM GMT), up 3.10%.

Other digital tokens also made gains, with Ethereum up 7.27% to $136.26, XRP trading 2.92% higher to $0.31277 and Litecoin surging 12.64% to $52.425 over the past 24 hours.

The crypto market cap also recovered to $131 billion on Wednesday from $126 billion the day before.

Russia again was on the radar of crypto traders and investors as the country is moving fast forward to come up with national regulations on digital assets, following a direct order from President Vladimir Putin last week.

On Tuesday, the State Duma adopted the bill “On Digital Financial Assets”. The bill includes amendments to the Civil Code of the Russian Federation on digital rights and provides a regulatory framework targeting the digital economy.

This came after Putin called for the adoption of the regulation by July 2019. Russia is also said to be considering an oil-backed digital token.

Meanwhile, there were new developments regarding the case of Quadriga, a troubled Canadian crypto exchange. Quadriga is reportedly missing CA$180 million dollars ($135.39 million) in digital assets after the death of its founder Gerry Cotten, who was the only one with access to the company’s cold wallet – offline storage for crypto assets.

On Monday, Fortune reported that the U.S. Federal Bureau of Investigation (FBI) is now involved in the investigation over Quadriga’s missing funds. The crypto exchange reportedly stored 650,000 Ethereum on other exchanges such as Kraken and Bitfinex.

Kraken’s CEO Jesse Powell told Fortune that the FBI and Royal Canadian Mounted Police reached out to his company regarding the case.


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