S. Korea authorities dispelled crypto ban rumours

Administration of the president of South Korea said that the ban on cryptocurrency is only one of the options considered, and not the final decision
11 January 2018   537

On the night of Thursday, January 11, a number of mainstream media disseminated reports about the plans of the South Korean government to prohibit crypto-currency trading. On these news, the market has significantly subsided.

So, earlier today the price of bitcoin fell below $ 13000, in the red zone there is also the majority of other leading crypto-currencies.

Top Ten Cryptocurrencies
Top Ten Cryptocurrencies

The aggregate capitalization of the cryptocurrency market has fallen below $ 650 billion. Also, this rumours was support by the news that South Korean authorities instigating inspection raid at two major exchanges. It had led to the panic sell

At the same time, an analyst based in the Asian region and well-acquainted with the state of affairs posted next Tweet.

But Presidential Administration of South Korea dispelled cryptocurrency ban rumours. It has published a report on the alleged ban on exchange trade promoted by the Ministry of Justice after receiving more than 1,000 applications demanding not to take this decision. This is reported by Yonhap News.

Justice Minister Park Sang-ki's remarks regarding the shutdown of cryptocurrency exchanges is one of the measures that have been prepared by the Justice Ministry, but it is not a finalized decision and will be finalized through discussion and a coordination process with each government ministry," Yoon Young-chan, chief press secretary to President Moon Jae-in, said in a statement. 

Yun Yang-chan

Press secretary of President of South Korea

A few hours after the publication of the proposal to ban exchange trade, the Ministry of Strategy and Finance of South Korea publicly stated that it does not support the position of the Ministry of Justice. 

In order for the proposal of the Ministry of Justice to obtain the status of law, the majority of the members of the National Assembly must vote for it. The entire process can take several months or even years.


Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   137

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.