The market value of cryptocurrency has crossed 1 trillion dollars.
As soon as Bicoin has crossed the 40 thousand dollar mark, strictness is shown on some exchanges in India. There is no exchange regulation or KYC regulations regarding cryptocurrency in India. On Thursday itself, the market value of cryptocurrency has crossed $ 1 trillion.
No Regulation or KYC Rules Regarding Cryptocurrency
There is no exchange regulation or KYC facility for cryptocurrency in India. Because of this, these exchanges have made their own rules. Recently, the US Financial Crimes Enforcement Network (US FINCIN) has proposed a mandatory KYC. After this, it will be mandatory to fulfill KYC rules on cryptocurrency exchange of more than $ 3,000.
Also read: RBI cancels license of 3 non-banking finance company, know its reasonA media report quoted the CEO of the UAE’s cryptocurrency exchange as saying, “There have been some cases when warnings have been issued on transactions through kptocurrency.” These warnings have been issued on the exchange in the event of a conflict regarding the Anti Money Laundering (AML) policy. In such cases, customers have to ask for information about the source of their funds.
Another informant said that to meet strict KYC norms and anti money laundering policy is also implemented. This helps to ensure that the transactions done on exchanges are valid and as per rules. Retail investors should gather complete information about it before investing in small cryptocurrencies. He said that small-cap cryptos like the penny stocks seem enticing, but it should also be noted that complete information about such cryptocurrencies should be collected.
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Market cap of cryptocurrency reached over one trillion dollars
Let us know that on Thursday, Bitcoin crossed the figure of $ 40,000 for the first time. Within a month, this value has almost doubled. After this, the total market cap of cryptocurrency now has exceeded 1 trillion dollars. Last year too, the market value of cryptocurrencies had seen tremendous growth. Experts say that increasing demand from retail traders, rising trends regarding quant funds and institutional investors are also the major reasons behind this. On Thursday, bitcoin climbed 11 percent to cross $ 40,065.