South Korea reaches out to Asian neighbors in effort to regulate cryptocurrencies

South Korean financial authorities plan to cooperate with Chinese and Japanese colleagues
09 January 2018   582

Right now South Korea is one the countries with the biggest cryptocurrency-related infrastructure. Several large exchange services are also stationed there. All this makes South Korean regulators the biggest heavy-hitters in the field of cryptocurrency regulations. And now they plan to join forces with their Chinese and Japanese colleagues to promote inter-state regulations and law-making effort.

Also, as you can understand, the prosecutors will be able to reach across borders to investigate and close up any illicit activities such as money laundering and crime financing, performed through the blockchain.

Korean authorities plan to step forward and exchange their trial-and-error experience in cryptocurrency regulations for all of the Asian countries to benefit from. Deputy finance ministers from all three countries have already conducted a meeting last month to exchange ideas in the field.

For example, right now South Korean authorities are investigating six banks for the possible involvement in money laundering. Accounts of cryptocurrency traders are the primary targets in this investigation effort. The banks should acts as a gatekeeper to filter out the possible illegal activities and must report any such findings, said South Korean Financial Service Commission chairman Choi Jong-ku. In the latest interview to Yonhap News Agency he also briefed media about upcoming bank inspection, that will run starting this Thursday with Korean Financial Intelligence Unit participating in the action.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   121

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.