Korean National Assembly Members’ Crypto Holdings to Undergo Investigation

Flybit’s Bug Bounty Program to Strengthen Its Crypto Exchange SecurityKorea Digital Exchange, the operator behind South Korean cryptocurrency exchange Flybit, announced the launch of a bug bounty program aimed at rewarding individuals who identify vulnerabilities in the trading platform’s security infrastructure.Photo by Sergi Kabrera by UnsplashWhite Hat Together initiativeThe inception of this bug bounty program was made possible through Flybit’s involvement in the White Hat Together initiative, which involves the active engagement of the government, enterprises, and citizens. This initiative is hosted by digital service company CJ OliveNetworks in collaboration with the Korea Internet and Security Agency (KISA) and bug bounty platform Find The Gap. Its objective is to reassess the security of Flybit’s services and proactively address weak points within the system.Flybit intends to seize this opportunity to enhance its information protection capabilities, with a commitment to safeguarding user assets and ensuring a reliable trading environment.Recognition for information protectionFlybit is the sole non-fiat crypto exchange in the country that has successfully attained Personal Information and Information Security Management System (ISMS-P) certification as well as ISO 27001 and ISO 27701 certifications. It’s important to note that, in Korea, crypto trading platforms are legally mandated to obtain real-name accounts from banks to facilitate the deposit and withdrawal services of Korean won. Platforms lacking real-name bank accounts are prohibited from supporting trading denominated in Korean won.Additionally, in May, Flybit participated in information protection disclosure and was subsequently certified by KISA as an outstanding company for its investments in information protection.

Indian cryptocurrency investment platform Mudrex has unveiled plans to provide access to U.S. spot Bitcoin exchange-traded funds (ETFs) for investors within the world’s most populous country. Serving Indian institutional investorsThis initiative, as disclosed by CEO and co-founder Edul Patel in discussion with local media, marks a particularly significant milestone for Indian institutional investors who previously lacked direct access to spot Bitcoin ETFs, which were predominantly available to retail investors through U.S. stock investing firms. In its initial phase, Mudrex intends to list the top four BTC ETFs from prominent entities including BlackRock, Fidelity and Franklin Templeton. While eleven BTC ETF products currently exist in the United States, most commentators agree that there will be a consolidation with the majority unlikely to survive in the long run. Mudrex will ensure compliance by being registered with the Financial Intelligence Unit (FIU) of India. The company already provides clients with access to a diverse selection of over 350 cryptocurrencies and crypto baskets, coupled with the provision of actionable insights to help clients reach investment decisions effectively. Patel outlined the rationale behind the product offering, stating:“Seeing the increasing demand for Bitcoin spot ETFs and user requests on our platform in the past few months, we have decided to launch it for Indian investors.”Photo by rupixen on UnsplashPurchased under Liberalized Remittance SchemeMudrex ensures actual transactions are processed through broker partners in the U.S., while its Indian subsidiary facilitates the spot Bitcoin ETF service. This development unfolds amidst a nuanced regulatory environment in India, where regulatory bodies such as the Reserve Bank of India (RBI) and the Finance Ministry's Intelligence Unit hold varying stances on cryptocurrency. While the RBI remains cautious about crypto, the Finance Ministry's Intelligence Unit has registered numerous Indian crypto service providers and imposed rigorous taxation policies. Patel expanded on the alignment of spot Bitcoin ETFs with the Liberalized Remittance Scheme (LRS), a framework that simplifies overseas investments for Indian investors. The Reserve Bank of India (RBI) prescribes a limit of $250,000 per year for overseas investments by Indians under the LRS. In line with that, Mudrex is facilitating a minimum investment of $5,000 and a maximum of $250,000. Accessing spot Bitcoin ETFs through Mudrex under the LRS framework offers a more tax-efficient avenue compared to domestic crypto exchanges in India. Among Mudrex's clientele, comprising approximately 350 institutions, Patel reveals that around 20 have initiated the process of joining the platform for spot BTC ETF investments. With an anticipated average ticket size of $110,000, this demonstrates a growing appetite among institutional investors for exposure to Bitcoin ETFs facilitated through Mudrex's platform. This move by Mudrex is interesting when contrasted with recent comments made by RBI governor Shaktikanta Das, who suggested that the central bank wasn’t in favor of the offering of such products in India despite the decision by the U.S. authorities to permit spot Bitcoin ETFs. Hong Kong is working towards the approval of such products while hoping to get out in front of the competition by being the first to launch a similar Ethereum-based product. Meanwhile, the London Stock Exchange announced on March 11 that it intends to commence accepting applications for Bitcoin and Ether exchange-traded notes (ETN).

Bitget Report Finds Gen Z Dominates Crypto Copy TradingA recent report by Bitget, the Seychelles-headquartered crypto exchange, sheds light on the growing trend of copy trading among younger investors, particularly Gen Z.Photo by rc.xyz NFT gallery on Unsplash44% under 25The report, released on Thursday, reveals that an impressive 44% of all copy traders on the platform are under the age of 25, indicating a strong inclination among this generation towards this type of investment and trading strategy.Copy trading, or social trading, involves emulating the trading activities of established investors. Bitget’s findings indicate that the younger demographic is more receptive to this approach, with individuals aged 25 to 35 constituting just under one-third of all copy traders. Comparatively, individuals aged 35 to 55 represented 17% of copy traders, while those over 55 constituted a mere 7%.Reliance on influencersInterestingly, this trend aligns with Generation Z’s penchant for seeking advice from social media influencers. Bitget’s report highlights that Gen Z’s tendency to turn to these influencers for investment decisions could be a driving factor behind their affinity for copy trading.A survey by Forbes Advisor in January found that approximately 80% of both Gen Z and millennials rely on financial advice from social media platforms. Notably, platforms like YouTube, Reddit, and TikTok have gained their trust, with half of the respondents claiming to have profited from advice received.The report also reinforces crypto’s status as the preferred investment choice among Gen Z. A joint study by the CFA Institute and the Financial Industry Regulatory Authority (FINRA) Foundation in May revealed that crypto was the most popular investment option for Gen Z in the United States, a striking 44% of Gen Z investors initiated their investment journey with cryptocurrencies, surpassing the 35% of millennials who did the same.Geographical differencesThe trend extends beyond the US, with 43% of British and 35% of Canadian Gen Z investors indicating crypto as their inaugural investment.Geographically, Bitget’s report showcases intriguing patterns among its copy-trading user base. While nearly a third of users hail from Western Europe, almost half originate from East or Southeast Asia. This distribution highlights the global reach of the platform and the appeal of copy trading across diverse regions.Of note, despite constituting only 1% of Bitget’s global copy traders, a remarkable 62% of African users expressed interest in copy trading. This proportion stands as the highest among all regions surveyed, reflecting a growing appetite for innovative investment methods on the African continent.Bitget’s report underscores the evolving landscape of investment practices, with Generation Z at the forefront of embracing new approaches like copy trading. It also builds on prior initiatives and research undertaken by the firm. In May Bitget launched a corporate social responsibility (CSR) project titled “Blockchain4Youth.” That initiative revealed that Bitget understands that the younger generation is where the greatest opportunity for mass market adoption lies for crypto and Web3.As the influence of social media on financial decisions continues to rise, the crypto industry may see further shifts in investment patterns and strategies among different demographic groups.