The market goes deeper into the red zone. Bitcoin damaged s | Velvet.Exchange

The market goes deeper into the red zone.
Bitcoin damaged severely -2.9% in the last 24 hours and dropped below 8K down to $7,900. Ethereum crippled even harder -4.8%, Bitcoin Cash lost -4.3% and Litecoin recorded the biggest loss of all liquid names, -5.2%.

Bosses of cryptocurrency exchanges that fail to register with South Korea's top financial regulator may soon face jail time. The National Assembly's Amendment Subcommittee on Parliamentary Affairs passed a legal amendment to the still-in-development Special Financial Transactions Information Act to force virtual asset exchanges to register with the Financial Services Commission (FSC). Those failing to do so would face up to five years in prison or a fine of up to 50 million won ($42,460).

Under the amendment, aimed to align the industry with international anti-money laundering guidance from FATF, crypto exchanges must also have so-called real name virtual bank accounts – sub accounts for users within an exchange's primary account – to avoid falling foul of the legislation.