14.07.202111:30 Forex Analysis & Reviews: UK continues to fight bitcoin and cryptocurrency advertising

Local reports say UK police have confiscated another £ 180 million ($ 250 million) worth of cryptocurrency as part of a money laundering investigation.

A few weeks ago, they already seized £ 114 million worth of cryptocurrency during an anti-money laundering operation.

It seems that UK authorities are taking the issue seriously and are not going to retreat until they completely take control of it. Perhaps, they may not even stop until they completely get rid of the whole crypto market. Of course, no such announcement has been made, but the Advertising Standards Authority (ASA) announced that they will fight misleading ads promoting cryptocurrency investments. Any advertising related to cryptocurrency will be controlled by the department.

The move stemmed from the dissatisfaction of ASA with the way cryptocurrency advertising campaigns are being conducted in the country. Hence, the organization said they will regulate advertisements more strictly, in order to not mislead citizens who are not very knowledgeable about the crypto industry. If the ads do not meet the standards set by the ASA, it will be removed.

This measure resembles the actions of Chinese authorities, who also prohibited the use of cryptocurrencies in their country.

In another note, a leading private sector bank in India asked clients not to use their money transfer scheme (LRS) for any cryptocurrency-related investment. ICICI said they already updated their outbound remittance application in accordance with the Foreign Exchange Management Act of 1999 (FEMA), which says that they should not use the money transfer scheme for any investments related to cryptocurrency.

So, when transferring money, clients now have to indicate that they will not use it for anything related to cryptocurrencies. This is not the first measure taken by ICICI, as it, along with other major Indian banks, stopped serving crypto clients after Reserve Bank of India issued an executive order that prohibited banks from providing services to cryptocurrency companies.

All this affected Bitcoin slightly, but the cryptocurrency did not really show major movements over the weekend. Now, a lot depends on $ 36,000 because going above it will result in a jump towards $ 41,100, $ 46,700 and $ 52,000. But if the price drops below $ 32,400, Bitcoin will plunge to $ 30,000, $ 25,700 and $ 21,650.