South Korea out of bitcoin futures race

Bitcoin tops $12000 and is well on its way to $13000

Bitcoin tops $12000 and is well on its way to $13000

South Korea has prohibited domestic firms from getting involved in foreign bitcoin-related derivatives, according to The Korea Herald. The order was sent through the Korea Financial Investment Association (KOFIA) this week. Accordingly, eBest Investment & Securities Co. and Shinhan Financial Investment Co. canceled seminars for bitcoin futures investors slated for the 14th and the 15th, respectively.

"Drawing investor attention to bitcoin futures could have been a way to cool down the overheated (cryptocurrency) market", an industry source told The Korea Herald on December 6.

The FSC in September banned all fundraising activities in the country conducted through Initial Coin Offerings (ICOs).

South Korea's ban comes at a time when the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) are going ahead with their plans to launch trading of Bitcoin futures.

"An entry of new technology into Korea is hamstrung by the regulation", he said. "There is an unfathomable amount of new participants piling into the cryptocurrency market".

Bitcoin is one of many cryptocurrencies, virtual "coins" that are "mined" by computers using complex algorithms.

The Korea government has looked to frame out state-sponsored regulations to define cryptocurrency exchange operators as fundraisers without permission. It is important to collect detailed history data like who made transactions and how in a bid to impose taxes.

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