South Korean Officials Caught on Insider Trading

Korean government officials presumably sold their cryptocoins just before the regulators announced regulatory measures
18 January 2018   342

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. 

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.