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RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, up 1.73 percent to $41,429 as of 09.00 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,093, up 1.72 percent, according to data from Coindesk.

European crypto industry steps up efforts to influence EU policy

More than 40 crypto business leaders have asked the European Union not to require crypto firms to disclose transaction details and dial down attempts to bring to heel rapidly growing decentralized finance platforms.

The EU, like countries and jurisdictions across the globe, is working to tame the freewheeling crypto sector. It is ahead of the US and Britain in developing a set of rules for the $2.1 trillion sector.

In a letter seen by Reuters sent to 27 EU finance ministers on April 13, crypto businesses asked policymakers to ensure their regulations did not go beyond rules already in place under the global Financial Action Task Force, which set standards for combating money laundering.

EU lawmakers last month voted to back new safeguards for tracing bitcoin and other cryptocurrencies.

The rules, opposed by major US exchange Coinbase Global Inc, would require crypto firms to gather and hold information on who is involved in digital currency transfers.

CBA rebuffs reports of partnership with crypto platform

Commonwealth Bank of Australia warned of a fake news article doing rounds on social media platforms alleging the country’s No. 1 lender to have partnered with a cryptocurrency trading platform to encourage people to invest in crypto assets.

The report comes months after Australia’s richest man and chairman of Fortescue Metals Group, Andrew Forest, filed a lawsuit against Facebook-owner Meta Platforms alleging it breached anti-money laundering laws and used his image to promote cryptocurrency schemes.

Last month, Australia’s competition watchdog had also filed a similar lawsuit against Meta with allegations of promoting fake cryptocurrency ads featuring well-known people.

CBA added that it has warned Australians through its own channels not to respond to or click through to the website if they receive the alleged fake article.

It also alleged that the article was “designed to entice unsuspecting people to go to the scammer’s website and provide their personal details and money.”

(With inputs from Reuters)