South Korean Monetary Regulators Ban Bitcoin Futures Buying and selling

South Korean Financial Regulators Ban Bitcoin Futures TradingIt seems that South Korea is bowing out of the race for bitcoin futures buying and selling, leaving the sphere extensive open to the Individuals and Japanese. This isn’t as a result of established monetary corporations are reluctant to supply the brand new devices within the bitcoin obsessed nation, however attributable to one other official ban.

Additionally learn: TD Ameritrade, Ally Invest to Offer Exchange Traded Bitcoin Futures

FSC Futures Ban

South Korean Financial Regulators Ban Bitcoin Futures TradingAfter securities brokers in South Korea had been already gearing as much as introduce bitcoin futures buying and selling to their shoppers, the nation’s high monetary regulators have determined to position a ban on the apply. The Monetary Providers Fee’s issued this directive on December 5, relevant to all of the members of the Korea Monetary Funding Affiliation.

In response, Korean brokers equivalent to eBest Funding & Securities and Shinhan Monetary Funding needed to cancel pre-planned consumer seminars for bitcoin futures buying and selling, this in response to a report by The Korea Herald.

South Korean authorities have already banned the apply of ICO, began trying into taxing bitcoin funds and established a governmental task force to control buying and selling. And the native trade is just not keen to take all this laying down.

Kim Jin-hwa, the previous head of Korbit is reportedly engaged on bringing collectively the nation’s main bitcoin venues Bithumb, Coinone and Korbit to determine an affiliation to symbolize the pursuits of the trade. “An entry of recent know-how into Korea is hamstrung by the regulation,” he advised the newspaper.

The Race Is On

South Korean Financial Regulators Ban Bitcoin Futures TradingWhereas South Korea may be leaving the race for now, different international locations are transferring full steam forward with bitcoin futures buying and selling.

Cboe is getting ready to launch its providing on Sunday, and CME Group will observe the week after. In the meantime in Japan the Tokyo Monetary Alternate gained’t be left behind for lengthy and is now planning to launch its personal bitcoin futures.

Retail brokers have already began to organize their shoppers for the brand new exchange-traded bitcoin devices, starting with TD Ameritrade and Ally Invest.

What does a ban on bitcoin futures buying and selling imply for Korean traders? Inform us what you suppose within the feedback part under.

Photographs courtesy of Shutterstock.
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