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South Korea's Financial Services Committee (FSC) announced a ban on bitcoin futures contract products, but it is difficult to stop bitcoin breakthrough $ 22000

According to local media reports, a major South Korean financial regulator has banned securities firms from launching bitcoin futures contracts. However, this move did not stop Bitcoin from skyrocketing. As of press time, the bitcoin price of Bithumb, the largest Bitcoin exchange in Korea, has exceeded 22,000 U.S. dollars.

It has been reported that the South Korean Financial Services Commission (FSC) has issued a directive banning financial institutions from using Bitcoin futures contracts as a financial product. According to the Korea Business Herald, the South Korean regulator does not recognize Bitcoin as "a potential derivative product asset," thus limiting Bitcoin's future as a financial instrument.

The preemptive ban took the lead by several South Korean securities firms preparing to launch bitcoin futures contracts. It is reported that Shinhan Financial Investment Company and eBest Investment and Securities Company have canceled the original scheduled for next week's Bitcoin Futures investor seminar.

The report quoted a representative of the Korean securities industry as saying:

"This is the first time a government agency in South Korea has banned a particular project from trading because of their fear of losing control because they are not taking a position on cryptocurrencies at this time."
The full ban on the part of South Korean regulators recalls South Korea's ban on ICOs in September after China had already taken mandatory measures to curb financing through cryptocurrencies.

Meanwhile, the categorically comprehensive measure taken by South Korea's neighbor Japan is now looking at a major financial company preparing to launch its own bitcoin derivatives. According to previous reports from Babbitt, the Tokyo Financial Exchange is preparing to launch bitcoin futures products in mid-2018 and is currently seeking regulatory approval from Japan.

This week, the Chicago Board Options Exchange (CBOE) will officially launch Bitcoin Futures Contract Products - the first of its kind in the United States. CBOE this time leading its rival city - Chicago Mercantile Exchange (CME), CME will launch its own bitcoin futures products on December 18. The Nasdaq exchange in New York is also planning to launch its bitcoin futures contract by mid-2018.