According to BusinessKorea, specialized cryptocurrency research centers have recently opened in South Korea with the goal of providing cryptocurrency investors a better-informed understanding of the cryptocurrency market. These research centers provide in-depth analyses of cryptocurrency market conditions by analysts who have worked previously at private equity fund firms. The idea is to protect investors from fraud and cryptocurrency scams, especially while there are still unclear regulations concerning the cryptocurrency and initial coin offering (ICO) industry.

South Korea has been leading the movement for self-regulation in the cryptocurrency space. While self-regulation was predominantly focused on cryptocurrency exchanges, it appears as though key players in the industry are attempting to ensure that high standards are also set for ICOs and other cryptocurrency projects.

BusinessKorea reported that on July 29, 2018, South Korea’s first blockchain company builder, Chain Partners, is hiring new employees to expand their research center. One of the key positions they’re looking for is a senior cryptocurrency analyst with over five years of work experience in investment banking.

The Chain Partners Research Center is well known in the cryptocurrency community for their cryptocurrency index. They were the first company to create a cryptocurrency index in South Korea; they also publish daily reports that assess the cryptocurrency market on a domestic and international basis.

Coinone, South Korea’s third-largest cryptocurrency exchange, has also recently opened a research center. Like Chain Partners, they also publish reports on a consistent basis that provide analyses on cryptocurrency market conditions. The additional information included in these reports is designed to help educate and inform investors about their investing decisions.

When it comes to industry standards, Streami Inc. the parent company of cryptocurrency exchange Gopax, has also announced  plans to create Cryptopic—a hub containing vital information about cryptocurrency investment targeted towards retail investors.

According to Reuters, the British Government and regulators have also boosted their cryptocurrency research efforts to look into the potential risks of the cryptocurrency industry for retail investors.

British Junior Finance Minister John Glen mentioned that there was an “explosion of growth” into cryptocurrency-like assets due to the wave of ICOs in 2017. While the underlying blockchain technology has a lot of merit and potential, Glen noted that the cryptocurrency industry may pose significant risks for retail investors.

“In our upcoming fintech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail,” said Glen at the Innovate Finance Conference.

While Britain isn’t keen to jump in and enforce Draconian rules, Central Bankers and firms raising ICOs have requested for a clearer regulatory stance from the government. Britain is considered internationally as one of the best places for fintech. Strict laws, however, could dampen the budding blockchain fintech environment.

“We don’t want to to be dragged into a race to the bottom,” said Nicky Morgan, member of Parliament. “Effective regulation is good for the sector and we can learn from other jurisdictions.”

The post Cryptocurrency Industry Creating Research Centers to Protect Investors From ICO Scams appeared first on UNHASHED.

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