In a major roadblock for Bitcoin, South Korea’s primary financial regulator has banned firms from launching Bitcoin futures.
According to a report from Business Korea, security brokers who were previously planning on introducing cryptocurrency futures have been directed to steer clear. An official quote from the security industry said, “It is the first time for the South Korean authorities to ban trading a specific item. It seems that they made such decision worrying about if it gets out of control as they haven’t taken a position on cryptocurrency.”.
Other countries have taken many different approaches. Korea’s geographic neighbor Japan has even set in laws that formally recognize Bitcoin and other cryptocurrencies as legal tender. Meanwhile, China’s Central Bank banned all ICO’s last spring, causing Bitcoin to dip dramatically.
This announcement comes in stark contrast to other agencies around the world, who plan on launching their own futures shortly. Chicago based CBEO plans to lead the heard, launching Bitcoin futures this sunday. NASDAQ, located in New York City, plans on launching their own futures sometime in early 2018.
With different countries introducing different standards on crypto trading, many have speculated over the effect this will have on the global marketplace, in addition to how mainstream investors will react to rapid price fluxuations.