Investing.com - Major cryptocurrencies traded in the green on Wednesday morning in Asia, reversing losses from the day before.
While it was not a catalyst for the price movements, Bermuda’s Premier David Burt’s remark on the case of Canadian crypto exchange QuadrigaCX attracted a lot of attention among crypto traders.
On Wednesday morning, Bitcoin added 1.37% to $3,992.3 by 11:58 PM ET (03:58 AM GMT).
Meanwhile, Ethereum gained 1.35% to $137, XRP went up 1.49% to $0.30647 and Litecoin rose 2.14% to $60.256.
On Monday, Bermuda’s Premier David Burt said incidents like the one of QuadrigaCX would not happen in his country because of the regulations that are in place. He argued that if the exchange were registered in Bermuda, the private keys would not have been lost.
“If Quadriga was licensed under the Bermuda Monetary Authority, what has happened would not have been able to happen, because we have rules regarding the custody of master keys and making sure they’re not held by a particular individual,” he said.
Under Bermuda’s Digital Asset Business Act 2018, there are boundaries for blockchain and crypto-related businesses and protection of clients’ rights.
“It basically states what you have to do with the master keys, how those things have to be handled and making sure that they cannot be lost, or if they are lost, there’s a way for that recovery to happen,” Burt said.
The saga surrounding Quadriga began when its CEO Gerald Cotten died unexpectedly. Cotten did not leave the password for access to a cold wallet, and now the company owes C$250 million to 115,000 users.
There was more news to be digested from Asia. Japanese e-commerce giant Rakuten was granted a license for its crypto exchange. Known as Rakuten Wallet, it is registered as a virtual currency exchange service provider.
Meanwhile, Singapore-based exchange DragonEx said it has suffered a cyberattack and an undisclosed amount in a number of digital coins were “transferred and stolen”.