South Korean Officials Caught on Insider Trading

Korean government officials presumably sold their cryptocoins just before the regulators announced regulatory measures
18 January 2018   147

Representatives of the state authorities of South Korea were seized in insider trading. They sold all their cryptocurrency assets before the regulators announced the strengthening of control over the cryptocurrency market. The Financial Supervision Service (FSS) of the country engaged in the investigation of the incident. This is reported by with reference to local media.

There is intelligence that FSS staff sold all of the virtual currency that they invested in just prior to the announcement of the government’s measures.

Right-wing party lawmaker

During the meeting of the National Assembly Commission this Thursday, the FSS confirmed information that some officials invested in cryptocurrency and sold them before the government announced the introduction of new regulatory measures.

“We have confirmed the intelligence,” FSS Governor Choi Heung-sik admitted.

We have confirmed that some public officials have done such an act. It is a tremendous thing for civil servants to influence the market and gain profits.

Hong Nam-ki
Chief of the Office of the Prime Minister

The Law on Ethical Standards in the Public Service of South Korea "strictly prohibits officials from participating in the trading of securities in the light of the possibility of using inside information." However, since cryptocurrencies do not fall under the definition of securities, financial assets or currencies, "there is no indication in the FSS provisions that investment in virtual money is inadmissible". At the same time, the use of insider information can still qualify as a punishable act. 

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
22 February 2018   71

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.