Investing.com – Bitcoin and other major digital coin prices dropped on Monday in Asia on the news that the Organization for Economic Cooperation and Development (OECD) said initial coin offerings (ICOs) need to be better regulated.

Bitcoin lost 4.24% to $3,538.5 by 12:35 AM ET (05:35 GMT).

Ethereum slid 5.51% to $116.48, XRP was down 3.87% to $0.31656, and Litecoin traded 6.19% lower to $30.718.

Reports over the weekend said the OECD called on global regulators to jointly come up with regulatory clarity and a supervisory framework for ICOs. It said such moves were “a stepping stone to their safer use for financing purposes.” The collaboration will “allow ICOs to deliver their potential for the financing of blockchain-based SMEs, while adequately protecting investors.”

In the past, the OECD has shown interest in leveraging blockchain technology. However, it remains sceptical towards blockchain-based currencies such as Bitcoin. Last year, it said cryptocurrencies could pose risks to the gains made on tax transparency.

The regulators’ enthusiasm for the technology was flagged by another report on Monday that suggested a top French banking figure has stepped into the blockchain business.

Christian Noyer, former governor of the Banque De France and a top French economist, is now a member of the board of directors of blockchain startup SETL. It aims to offer immediate payment and settlement services using a blockchain network.

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