January 19th, 2018 6:00am
Just as the crypto space was on the rebound after a devastating blow to post moon record lows, we get news that South Korean government officials had been caught insider dealing.
When the announcement came out that south Korea would possibly ban crypto mid December sending FUD into the space, government officials privy to that information sold off their personal stash before the press release was announced.
According to the South Korean Financial Supervisory Service or FSS, cryptocurrency is currently not defined as a financial asset or currency. There is no code of ethics and no code of conduct for cryptocurrency investment in the FSS regulations.
According to Forbes the FSS director Choi Heung-sik told lawmakers his agency is investigating a claim that one of its three employees who are part of a pan-government crypto regulation task force was using internal information to profit off cryptocurrency. According to reports citing the FSS, the employee gained about 50% in profit by selling cryptocurrency last month two days before a major government announcement on Dec. 13th.
Choi Heung-sik publicly stated: “We have confirmed the intelligence,” “We have confirmed that some public officials have done such an act”.
Since the promise to regulate, the FSS rolls out a Virtual Currency Task Force which has two divisions: a “virtual currency counterpart” and a “virtual currency checkpoint”. The former is dedicated to cryptocurrency-related tasks while the latter is a consultation body of crypto-related inspections and supervisions.
What this means is, unfortunately, until government steps in and regulates the crypto space, we will be at the mercy of unethical bankers and government employees. Rules need to be implied and just like the stock market, they need to be adhered to. Until this happens we crypto hodlers will be riding a very turbulent market.
The upside: If the reader can understand this and plan strategically then one can profit off the backs of the unethical ebb and flow of this crazy crypto market.
Remember, buy low, sell high my friends and stay informed.
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