South Korea’s National Pension Service (NPS) has taken
a noteworthy leap into the world of cryptocurrencies, as per a recent regulatory
filing with the US Securities and Exchange Commission (SEC). The NPS ventured into the crypto market in the third
quarter of 2023 with an investment of $20 million in Coinbase Global’s shares, Bitcoin.com reported.
The pension service, established in 1988, operates as South Korea’s major public pension fund. It is overseen by the National Pension Service
Investment Management and boasts a mandate that encompasses both Korean
citizens and foreign residents in Korea.
According to the SEC’s disclosure, the NPS acquired 282,673 shares of Coinbase Global, valued at $20 million. This move has proved successful, with an appreciation of 40% in the value of the investment since it was purchased at an average price of $70.5 per share.
Presently, Coinbase’s shares are trading at around $98
each, indicating a notable increase of 26% within the last month. NPS’ strategic
investment aligns with a broader global trend, where entities opt to buy the stocks of publicly traded companies within the crypto space.
The NPS’s latest step happens when South Korea is
stepping up its effort to fight crypto-related crimes. In July, the country
formed a special investigations unit to counter the surge of illegal
activities within the sector. The unit prioritizes safeguarding
investors’ interests amid the absence of a comprehensive regulatory framework.
The absence of robust legal protection and
inadequate regulations in the crypto sphere has led to losses for
investors. The investigations unit stepped in as an interim measure pending the enactment of formal laws. It focuses on cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term exhibiting high price volatility
and actions against suspicious projects on digital asset exchanges, Finance Magnates reported.
Tightening Rules for South Korean Firms
The unit primarily focuses on combating a
spectrum of illicit activities, ranging from unauthorized foreign exchange
transfers to money laundering
Money Laundering
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund
Read this Term and illegal trading practices. Notably, South
Korea’s cryptocurrency sector has seen a surge in crypto-related crimes.
As a result, South Korean companies face new directives from the Financial Services Commission,
mandating disclosures on their cryptocurrency transactions. These regulations,
aimed at enhancing transparency and accountability, require companies to provide detailed information concerning their digital asset holdings, profits,
and operational models.
South Korea’s National Pension Service (NPS) has taken
a noteworthy leap into the world of cryptocurrencies, as per a recent regulatory
filing with the US Securities and Exchange Commission (SEC). The NPS ventured into the crypto market in the third
quarter of 2023 with an investment of $20 million in Coinbase Global’s shares, Bitcoin.com reported.
The pension service, established in 1988, operates as South Korea’s major public pension fund. It is overseen by the National Pension Service
Investment Management and boasts a mandate that encompasses both Korean
citizens and foreign residents in Korea.
According to the SEC’s disclosure, the NPS acquired 282,673 shares of Coinbase Global, valued at $20 million. This move has proved successful, with an appreciation of 40% in the value of the investment since it was purchased at an average price of $70.5 per share.
Presently, Coinbase’s shares are trading at around $98
each, indicating a notable increase of 26% within the last month. NPS’ strategic
investment aligns with a broader global trend, where entities opt to buy the stocks of publicly traded companies within the crypto space.
The NPS’s latest step happens when South Korea is
stepping up its effort to fight crypto-related crimes. In July, the country
formed a special investigations unit to counter the surge of illegal
activities within the sector. The unit prioritizes safeguarding
investors’ interests amid the absence of a comprehensive regulatory framework.
The absence of robust legal protection and
inadequate regulations in the crypto sphere has led to losses for
investors. The investigations unit stepped in as an interim measure pending the enactment of formal laws. It focuses on cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term exhibiting high price volatility
and actions against suspicious projects on digital asset exchanges, Finance Magnates reported.
Tightening Rules for South Korean Firms
The unit primarily focuses on combating a
spectrum of illicit activities, ranging from unauthorized foreign exchange
transfers to money laundering
Money Laundering
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund
Read this Term and illegal trading practices. Notably, South
Korea’s cryptocurrency sector has seen a surge in crypto-related crimes.
As a result, South Korean companies face new directives from the Financial Services Commission,
mandating disclosures on their cryptocurrency transactions. These regulations,
aimed at enhancing transparency and accountability, require companies to provide detailed information concerning their digital asset holdings, profits,
and operational models.