South Korea Banned the Bitcoin Futures

December 8, 2017

South Korea Banned the Bitcoin Futures

The Financial Services Commission of South Korea (FSC) has canceled plans to draw foreign investment through Bitcoin futures, in advance banning their trade in the territory of the country.

The Korea Herald, the popular edition, informs that the government's recognition of Bitcoin futures "could have been a way to cool down the hot cryptocurrency  market."

According to Kim Jin-hwa, the former chief of Korbit's local currency trading platform, the FSC chairman's decision is rather contradictory. He noted that a number of measures concerning cryptocurrency applied by the government of the country, gave the prerequisites of accepting it as a financial instrument, not as a commodity. However, the statement made by FSC, noted Jin-hwa, makes doubt in the further development of new technologies in the country.

Recently, the Commission also announced plans to draft bills "for striking regulation of the cryptocurrency exchange operations." Earlier, the head of the Financial Supervision Service of South Korea, Cho Heung-sik said that the regulator does not consider Bitcoin a "lawfully currency," however the agency has no plans in restricting its trade.

It is necessary to remind that the launch of the first Bitcoin futures (from CBOE) is scheduled for this Sunday, December 10, besides, according to all available information, on December 18 the launching of derivatives from CME will take place.

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