South Korean regulators have banned the trading of bitcoin futures

South Korean regulators have banned the trading of bitcoin futures

The financial services Commission of South Korea (FSC) issued a Directive, according to which the treatment of derivative financial instruments on the basis of the cryptocurrency is illegal.

The largest in the world the Chicago Board options exchange “CBOE” Chicago Mercantile exchange “CME Group” initiated start trading bitcoin futures.

Unfortunately, such plans until light South Korea. Recently the authorities have announced plans to begin regulation of cryptocurrency exchanges and the introduction of taxation on profits derived from transactions with digital currencies. At the same time, the country imposed a ban on initial placement of coins (ICO).

To do this, Asian investors are willing to buy bitcoin and other digital currency, paying with this impressive award in excess of the prices on foreign exchanges. Tony Liu, head of South Korean exchange Korbit, said:

“In Korea, the news spread very quickly. If someone invests their capital in a particular case, he wants to, and all the others followed his example. What happened in terms of cryptocurrencies, was a massive, almost nationwide movement.”

Futures markets

In addition to exchanges CBOE and CME Group futures will start to work Japanese exchange Tokyo Financial Exchange, as well as brokerage firm TD Ameritrade Ally and Invest. Nasdaq – the American stock exchange specializing in technology stocks, began to study the possibilities of introducing financial instruments BTC on the exchange. Despite the sharp criticism of bitcoin from the lips of the General Director of JPMorgan Chase Jamie diamon, us financial holding company is considering providing customers with access to the cryptocurrency futures exchange CME Group.

From the South Korean exchanges of similar plans, while regulators in the country did not take tough restrictive measures in respect of the industry of cryptocurrency. On 5 December, the financial services Commission of South Korea has ordered the members of the Korean Association of financial investment to cancel their plans to launch futures options on bitcoin. Among these was the stock of the company eBest Investment & Securities and Shinhan Financial Investment that was going to spend 14-15 December seminars on trade bitcoin futures.

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