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The fourth week of May 2019 FX market was brisk despite contending with the US/China trade damper, and tough new policies for crypto exchanges. Forex Broker comparison service FXBrokerFeed provides you a brief recap of some updated news, and trends in the FX Broker market, highlighting consequences of an escalating US/China trade war, and Japan’s clamp down on crypto exchanges.
US/China Trade Uncertainties Hurt Asian Shares
FXBrokerFeed observes that without any sign of a breakthrough in the spiraling US/China trade war, most Asian and Pacific share prices have suffered setbacks. It is a nervous week for the FX market with an unrelenting Brexit cliff hanger, and heightened tensions in the Middle East.
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.
FXBrokerFeed concedes that the listed scenarios have 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.
FXBrokerFeed notes that 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 reported cyberattacks, and huge loss of funds involving crypto exchanges. Their independent status from government regulations, and harder to trace money laundering transactions on the blockchain, make them ideal for sanctions evasion, and attractive to terrorism financing.
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Release ID: 516417