The South Korean National Pension Fund has been indirectly investing billions of won in cryptocurrency exchanges such as Upbit, Bithumb, and Korbit. This was revealed amid the country’s regulators continually releasing regulatory measures for cryptocurrencies.
Investments In Crypto Exchanges
Amid South Korean regulators pushing to regulate the country’s cryptocurrency market and the Ministry of Justice drafting a bill to ban crypto trading, local media report that the country’s National Pension Service (NPS) has been indirectly investing in cryptocurrency exchanges.
South Korea’s NPS is the world’s third-largest pension fund. It was established in 1987 to “help secure the retirement benefits of Korean citizens with income security, thereby promoting national welfare in the case of retirement, disability or death,” its website states.
Lee Chan-yeol, an NPS officer, was quoted by News1 on Thursday:
The National Pension Fund invested 2.6 billion won in four cryptocurrency exchanges through two venture capital funds.
The first fund invests in the operators of Upbit and Coinplug, Newsis detailed. The second fund invests in the operators of Korbit and Bithumb.
The Korean government has also been discouraging small and medium-sized funds from investing in companies operating cryptocurrency exchanges. According to Yonhap, there are approximately 700 medium-sized funds registered in the country, but only 28 of them invest in cryptocurrency exchange operators. Read More Here