RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, down 0.44 percent to $38,287 at 09.15 a.m. Riyadh time. Ether, the second most traded cryptocurrency, was priced at $2,808, down 1.15 percent, according to data from Coindesk. Uzbekistan assigns supervising agency to oversee crypto industry Uzbekistan President Shavkat Mirziyoyev has announced the launch of a regulatory framework for the country"s crypto industry. He also assigned a supervising body, the Perspective Projects Agency, to oversee the virtual currency sector. In a directive, the Uzbekistan government noted that cryptocurrency exchanges, mining pools and crypto custodians operating in the nation must be registered locally. The directive also added that cryptocurrency miners should use solar energy from dedicated plants for their functioning. Miners who use the national grid should pay twice the regular price. US SEC ramps up crypto fraud oversight by adding 20 employees The US Securities and Exchange Commission said on Tuesday it will add 20 positions to its enforcement unit for crypto markets in its push to curb fraudulent activities in the hot digital space. The securities regulator said the division will be renamed the “Crypto Assets and Cyber Unit” and will have a total of 50 employees. “By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity,” SEC Chair Gary Gensler said. The SEC said the revamped unit will focus on preventing fraud that uses crypto-asset offerings, crypto-asset exchanges, crypto-asset lending and staking products, decentralized finance platforms, non-fungible tokens and stablecoins.