In light of the recent regulations and restrictions on purchases anonymously on South Korean exchanges being explored by the South Korean Government, a scandal has occured today. An employee or employees have been confirmed to have use inside knowledge for monetary gain.
The South Korean "Public Services Act" stops the use of inside information for stock trading to prevent misuse but as cryptocurrencies are not yet defined as a currency or asset yet, there is a gray line. However, the employees are planning to be punished.
There is no code of ethics and no code of conduct for virtual money investment in FSS regulations, so punishment seems to be difficult...
Chosun also said " It is expected that the moral hazard controversy will spread if the government uses the inside information and profits from virtual currency transactions while the financial authorities publish a hard-line policy saying that ‘the cryptocurrency transaction is gambling."
Only time will tell how the South Korean crypto-world takes this.
Thanks for reading!
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