FSC Futures Ban
After securities brokers in South Korea were already ready to introduce bitcoin futures trading to their clients, Korea’s top financial regulators have decided to prohibit the practice. The Financial Services Commission‘s stated this statement on December 5, applicable to all the members of the Korea Financial Investment Association.
In response, Korean brokers such as eBest Investment and Securities and Shinhan Financial Investment had to cancel pre-planned client seminars for bitcoin futures trading, it is been revealed by the Korea Herald statement.
South Korean authorities have already banned the practice of ICO, started looking into including the tax into bitcoin payments and the establishment a government task force to regulate the trading. The local industry is not ready to take all this laying down.
Kim Jin-hwa, the former head of Korbit is working on bringing the country’s leading bitcoin venues Bitthumb, Coinone and Korbit to make an association to represent the interests of the industry.
“An entry of new technology into Korea is hamstrung by the regulation.”
The Race is still On
While South Korea might be leaving the race, as of now, other countries are shifting full stream ahead with bitcoin futures trading.
Cboe is ready for the launch of is offering on Sunday, CME Group will also launch the same offer after one week. At the same time, in Japan, the Tokyo Financial Exchange will not be left behind for long and is now planning to its own bitcoin futures.