South Korea bans cryptocurrency trading for its officials

South Korean government issued an as of now unofficial ban for all the public servants to trade or invest in the digital currencies
06 March 2018   777

South Korea is one of the largest cryptocurrency markets and usually regulations their government puts through affect the market in some way. Now the impact wouldn't be so huge, but the chances are, the affected group wouldn't be very happy about it. You see, Korean government effectively banned all government officials from trading cryptocurrency, even if it's not related to their jobs.

As reported by Maeil Business Newspaper, South Korea has issued a ban on virtual currency holdings and transactions to all civil servants. The document entitled “Virtual currency holdings and transaction-related information for civil servants” has been circulated through the departments. In this document the personnel department requested that all government officials refrain from holding and trading virtual currency, especially in the work hours, even if there is no job relevance. This is actually the first case of government banning cryptocurrencies for all its public officials.

The disciplinary actions are not defined by the document, but are openly encouraged, because cryptotrading is considered a “violation of the prohibition of forbearance obligations under the civil servants' law”. Each ministry is free to judge the possibility and severity of such a disciplinary action.

As you can see, the South Korean government is quite adamant to stop any possibility of any kind of trading or investing in the cryptocurrencies using information learned by officials during their duties. This is, while quite strict, possibly the best approach for this kind of situation, because there have already been accusations of officials' insider trading and market manipulation using undisclosed information of future regulations.

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.