South Korean official caught trading on insider knowledge of Crypto regulation

South Korean official caught trading on insider knowledge of Crypto regulation

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South Korean official caught trading on insider knowledge of Crypto regulation :

South Korean government authorities have supposedly been gotten insider exchanging. They sold the majority of their digital currency property and benefitted just before the controllers reported crypto administrative measures. The nation’s Financial Supervisory Service is examining the case.

South Korean official caught trading on insider knowledge of Crypto regulation
South Korean official caught trading on insider knowledge of Crypto regulation

A Case of Government Insider Trading

At a meeting of the National Assembly’s Committee on Thursday, January 18, the Financial Supervisory Service (FSS) affirmed that a few representatives put resources into digital currencies and sold them just before the administration declared crypto administrative measures, neighborhood media announced.

South Korean official caught trading on insider knowledge of Crypto regulation (keyword)

A conservative gathering see said

at the gathering, as revealed by Joongang Ilbo:

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.

“We have affirmed the knowledge,” FSS Governor Choi Heung-sik conceded. “We have affirmed that some open authorities have done such a demonstration,” Chief of the Office of the Prime Minister, Hong Nam-ki, included. The news outlet noticed that the administrators called for “intensive examination and discipline,” and cited them underlining:

It is a tremendous thing for civil servants to influence the market and gain profits.

Chosun explained, “It is normal that the ethical risk discussion will spread if the administration utilizes within data and benefits from virtual cash exchanges while the monetary experts distribute a hard-line strategy saying that ‘the cryptographic money exchange is betting’.”

South Korean official caught trading on insider knowledge of Crypto regulation (keyword)

FSS Crypto Policies

The Korean Public Service Ethics Act “strictly restricts the stock trading of public officials in order to prevent misuse of internal information,” Chosun pointed out. However, since cryptocurrency is currently not defined as a financial asset or currency, “there is no code of ethics and no code of conduct for virtual money investment in the FSS regulations.” However, “the misuse of internal information could lead to punishment,” the publication added.

Recently, the FSS advised its employees to refrain from trading cryptocurrencies, stating that “If the supervisory officials engage in speculative transactions, it will be difficult for the public to understand ethically,” Chosun also reported.

On Tuesday, the FSS announced that it has created a Virtual Currency Task Force which has two divisions: a “virtual currency counterpart” and a “virtual currency checkpoint,” Asia Today explained. The former is dedicated to cryptocurrency-related tasks while the latter is a consultation body of crypto-related inspections and supervisions.

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