South Korean authorities refutes crypto ban rumours

Head of the Financial Services Commission (FSC) Che Yonku said that to ban cryptocurrency exchanges serious legal grounds are needed
28 December 2017   821

A number of media reported that the South Korean authorities intend to ban the activities of cryptocurreny exchanges. The source of the false information was a local publication that referred to a government official close to the decision-making center.

This news appeared against the background of inspections in the offices of cryptocurrency exchanges and the general negative position of the South Korean government regarding the cryptocurrency industry. The country's Prime Minister even declared that digital currencies "corrupt youth". He also ordered the formation of a working group to study crypto currency as a tool for creating financial pyramids and speculative schemes.

In addition, South Korea has become one of the few countries that have decided to completely ban the ICO, which already speaks in favor of the determination of the authorities. Financial companies are also prohibited from interacting and trading crypto-currencies.

However, the head of the Financial Services Commission (FSC) Che Yonku said that to ban cryptocurrency exchanges serious legal grounds are needed.

The authorities intend to regulate the activity of cryptocurrency exchanges within the framework of improved AML-legislation, but not to prohibit them.

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.