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South Korea bans bitcoin futures – Report

South Korea has prohibited domestic firms from getting involved in foreign bitcoin-related derivatives, according to The Korea Herald.

The country’s financial regulator, the Financial Services Commission (FSC) has issued an order banning the trade of bitcoin derivatives. The order was sent through the Korea Financial Investment Association (KOFIA) this week.

Following the order, securities firms eBest Investment & Securities and Shinhan Financial Investment canceled their seminars intended for bitcoin futures investors, scheduled to hold on December 14 and 15 respectively.

The FSC in September banned all fundraising activities in the country conducted through Initial Coin Offerings (ICOs). The regulator said at the time that it intends to bring digital currency trading under regulatory system.

Furthermore, South Korea’s National Tax Service (NTS) has revealed its plans to bring digital currencies under the income tax regime. Business Korea quoted an NTS official saying:

“The basic principle is to tax the income. It is important to collect detailed history data like who made transactions and how in a bid to impose taxes. To this end, we are considering the improvement in systems.”

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.

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