Bitcoin around $47,000 after recent declines
Bitcoin is up more than 13% month-to-date and higher by almost 2% year-to-date
CoinDesk exec on 'one of the biggest hacks in crypto histroy'
Pete Pachal, CoinDesk's chief of staff for the content team, argues the gaming-focused Ronin Network's announcement of a security breach shows that 'things start to get a little dicey' when moving further away from core crypto products.
Bitcoin hovered around $47,000 Thursday morning after declining for two consecutive days.
The cryptocurrency lost 1.49% over that period.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Bitcoin remains up more than 13% month-to-date and higher by almost 2% year-to-date.
Britain's financial watchdog on Wednesday extended temporary licenses for a "small number" of cryptocurrency firms ahead of an April 1 cut-off date to prove sufficient money laundering controls, according to Reuters.
A license shows that crypto firms have sufficient controls to stop money laundering or terrorist financing.
"We have concluded our assessments, and the temporary registration regime will close on 1 April, for all but for a small number of firms where it is strictly necessary to continue to have temporary registration," the Financial Conduct Authority said on its website.
Firms still operating under a temporary license on Wednesday include relatively large players such as Copper Technologies and Revolut.
CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA
In other cryptocurrency news, a Bank of Japan official said G7 policymakers must speed up creation of a common framework to regulate digital currencies.
Policymakers aim to prevent cryptocurrencies from being used as a loophole against sanctions as the war in Ukraine rages on, according to Reuters.
Digital currencies could upend the global settlement system as they make it easier to circumvent conventional payment means using the U.S. dollar, euro and yen, said Kazushige Kamiyama, the head of the BOJ's payment and settlement systems department.
CLICK HERE TO READ MORE ON FOX BUSINESS
U.S. allies, including Japan, imposed sanctions against Russia for invading Ukraine on Feb. 24, including the removal of many Russian banks from the global payments system SWIFT.