US/China Trade Spats Escalate as Japan Clamps on Crypto Exchanges
Published on: 05/24/19 1:26 PM
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The fourth week of May 2019 activity in the FX market was brisk despite escalating US/China trade spats, and tougher new policies for crypto exchanges. Forex Broker comparison service FXBrokerFeed provides you an overview of some updated news, and trends in the FX broker market, featuring consequences of an escalating US/China trade war, and Japan’s Clamp Down on Crypto Exchanges.
US/China Trade Uncertainties Hurt Asian Shares
Without any sign of a breakthrough in the spiraling
US/China trade war, most Asian and Pacific share prices have suffered setbacks.
Those affected include the Shanghai composite, Shenzhen Component and Shenzhen Composite, the Nikkei 225 Index, South Korean KOSPI, Hong Kong’s Hang Seng Index, and the Australian S&P/ASX 200 Index.
The US decision to impose tariffs on all Chinese products, and blacklisting flagship cell phone giant Huawei has blunted hope for an easy bilateral breakthrough. This has further eroded investor confidence, with Trump’s inward looking “America First” policy likely to be mimicked by China.
Japan Clamps Down on Crypto Exchanges
Crypto currency exchanges have often times been accused of abetting, and aiding money laundering that feeds terrorist activities.
It is reason Japan Financial Services Agency has imposed a tougher anti-money–laundering (AML) policy. According to a Nikkei news source, Japan intends to be up to date with AML, and escalate discussion to the G20 peer summit later in Summer.
Japan’s
Financial Services Agency has since 2018 updated and maintained close scrutiny on crypto exchanges compliance with AML policy. Know-Your-Customer (KYC) checks is now a prerequisite prior to any transaction.
The agency is cognizant of cyberattacks, and huge loss of funds involving crypto exchanges. Their independent status from government regulations, and harder to trace transactions on the blockchain, make them ideal for sanctions evasion, and attractive to terrorism financing.
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