Sudden Ban On Bitcoin Futures Trading In South Korea- Unkrypted

by Ricky Makan Co-Founder at Unkrypted

The world’s largest futures exchanges, CBOE and CME Group, have given their approval to Bitcoin futures trading, but South Korea desires none of it. The South Korean government appears to be trying hard to figure out these currencies that are unlike anything else in the financial world. Recently, South Korea has declared its plans to start regulating digital money trades and taxing cryptocurrency gains. The nation has also put a Sudden Ban on Bitcoin Futures Trading and prohibited ICOs.

Citizens of the Asian countries are aggressive buyers of Bitcoin and other virtual currencies, often paying significant premiums over the cost on Western trades.

CEO of South Korean trade Korbit, Tony Lyu, explained:

“WORD JUST SPREADS REALLY QUICKLY IN KOREA. ONCE PEOPLE ARE INVESTED, THEY WISH EVERYONE ELSE TO CONNECT THE PARTY. THERE HAS BEEN THIS HUGE, ALMOST A COMMUNITY MOVEMENT AROUND THIS.”

Futures markets

Next summer NASDAQ the well-known exchange market is preparing to provide Bitcoin futures. In Japan, the world’s biggest Bitcoin marketplace, the Tokyo Financial Exchange is laying a foundation for offering stocks too.

South Korean trades were also planning to do so until South Korea’s regulators nixed the idea. On December 5, the nation’s Financial Services Commission ordered members of the Korea Financial Investment Association to stand down their strategies to set a ban on Bitcoin futures. Two Korean securities companies had already proposed conferences for Bitcoin futures traders.

Source: http://www.unkrypted.com/ban-on-bitcoin-futures-in-south-korea/