South Korea’s Financial Services Commission (FSC) has announced that Bitcoin futures trading will not be moving forward in the country.
‘Cooling Down The Market’
In legislatory warnings Tuesday, the regulator went against the trend gaining speed in the US and Japan and banned futures trading, along with suggesting a tax on virtual currency transactions.
The move has already resulted in the cancellation of several informational seminars on futures, local news outlet Korea Herald reports.
These include Shinhan Financial Investment, one arm of the Shinhan Financial Group which last month announced its bank was developing Bitcoin wallet facilities for customers.
An anonymous source at Shinhan Financial told the Herald:
Drawing investor attention to bitcoin futures could have been a way to cool down the overheated market.
Korea has adopted an increasingly wary stance on Bitcoin’s expansion this year, huge investor interest jarring with regulators keen to place stringent controls on related activity.
As of September of this year, ICOs are no longer permitted. Starting next month, traders will only be able to own one account for all their operations, this needing to be linked to their real identity.
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