South Korean financial authority notes risks of crypto fund investments

Posted 24 October, 2018

On Wednesday, South Korea's Financial Services Commission asked traders to be careful with investments in crypto funds.

As the message reads, crypto funds are very similar to share investment fund, and thus investors can be wrong when considering them as the legal investment tools guided and regulated by Capital Markets Act effective in South Korea.

Specifically, funds that lure investors must pass FSC certification, whereas funds dealing with cryptos are said not to have the corresponding registration, which means that they break the current law.

In this situation, it is expected that the regulator will develop regulation for crypto funds following the consulting with the corresponding bodies. FSC aims to protect players from the losses that can be suffered from such activities.

FSC has focused on the blockchain and crypto industries lately. In particular, the authorities checked some crypto funds last week. The inspection covered Zeniex-run fund, and its case can be passed to the prosecution office, as the report reads.

Besides, the new body Financial Innovation Bureau was set up by the Financial Services Commission as a part of the restructuring programme this summer. The unit will develop policies for local blockchain and fintech sectors.

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25 October, 2018 11:26

← Oil prices keep slackening in second half of the week

Following the Wednesday trading results, December Brent futures keeps sliding on London's ICE Futures reaching some $75.78/bbl on Thursday. Prices for WTI also decreased. December futures on NYMEX moved down to $66.41/bbl after the previous strengthening to $66.82/bbl. Oil keeps getting lower in the second half of the week, with investors being focused on reserves reports from the USA. Oil reserves rose by 6.346 million bbl over the past week, which means the increase for the fifth week already. Meanwhile, petroleum and distillates reserves dropped by 4.826 million bbl and 2.262 million bbl respectively.

Oil prices keep slackening in second half of the week

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24 October, 2018 15:08

Japanese crypto sector becomes self-regulated →

The Japan Virtual Currency Exchange Association (JVCEA) has officially become a certified fund settlement association. This status was given by Japan's Financial Services Agency (FSA). With this decision, FSA enabled a self-regulatory financial body to develop regulation for the local crypto sector. The association can now develop guidelines for local trading platforms, in particular, measures to prevent insider trading, money laundering activities and asset protection. Notably, the guidelines represent a 100-page draft document, which covers a proposed ban on anonymous coins and insider trading as well as reduction of 4-to-1 limit on marginal trading.

Japanese crypto sector becomes self-regulated
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