Investing.com - Cryptocurrency prices were flat on Tuesday, as the UK said it could ban some financial products based on Bitcoin and other digital coins.
Bitcoin inched down 0.23% to $6,357.90 on the Bitfinex exchange, as of 9:36 AM ET (13:36 GMT).
Cryptocurrencies overall were slightly lower with the total coin market capitalization at $203 billion at the time of writing, compared to $205 billion on Monday.
Ethereum,or Ether, decreased 0.29% to $197.97 and Litecoin was at $49, up 1%, while XRP rose 1% to $0.44999.
A report from the finance ministry, Bank of England and Financial Conduct Authority released on Tuesday outlined the regulatory approach the UK government should take when it comes to overseeing virtual coin assets.
"The Taskforce has concluded that strong action should be taken to address the risks associated with cryptoassets that fall within existing regulatory frameworks," the report said.
"Further consultation and international coordination is required for those cryptoassets that pose new challenges to traditional forms of financial regulation, and fall outside the existing regulatory framework," it added.
The taskforce is expected to publish a consultation paper by the end of the year to clarify if cryptocurrency assets fall within regulatory jurisdiction, with a separate report in 2019 on a potential ban of crypto-based derivatives to retail consumers.
"Given the complexity and new challenges presented to traditional forms of financial regulation, more time is needed to consider how regulation can meaningfully address the risks posed by exchange tokens, such as bitcoin," the report said.
Meanwhile, crypto exchange giant Coinbase said it expects a yearly revenue of $1.3 billion in 2018, according to Bloomberg. The company's revenue comes from its commisions on trades, as well as movements in its own holdings. The company had about $503 million in cash in the bank at the end of the first half of the year, Bloomberg reported.