Seoul, South Korea, Monday, October 07, 2024 – The South Korean National Pension Service (NPS) has announced that it has no plans to invest directly in cryptoassets, despite its recent acquisition of shares in companies closely linked to the crypto sector, such as Coinbase and MicroStrategy. These purchases, according to NPS, were made automatically through index management tools that track the Morgan Stanley Capital International Index (MSCI), not with the intent to invest in crypto.
The NPS clarified that while it has invested $20 million in Coinbase last year and $33.75 million in MicroStrategy this August, it does not consider Bitcoin or other cryptoassets as investment targets. However, the pension fund did not rule out further investments in crypto-related companies. If there were a desire to restrict such investments, the decision would need to come from its Fund Management Committee.
Lawmaker Baek Jong-heon has called on the NPS to review its investment policies regarding cryptoassets, urging caution over the volatility of the crypto market. While direct investments in crypto are still not allowed for South Korean firms, some business owners are advocating for greater freedom to allocate their funds to digital assets.
