• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Upcoming Events
    • TWS, Singapore (July 28-29, 2025)
    • WFIS, Philippines (September 23-24, 2025)
    • Forex Expo Dubai (October 6-7, 2025)
    • Merge Madrid (October 7-9, 2025)
    • European Blockchain Convention, Barcelona (October 15-17, 2025)
    • Blockchain Futurist Conference, Florida (November 5-6, 2025)
    • WFIS, Indonesia (November 25-26, 2025)
  • Past Events
    • Blockchain Life
    • BlockShow Europe
    • Event Horizon

Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies

Join us on Telegram: https://t.me/crypto_reporter
  • News
    • News Feed
    • Cryptocurrencies
      • Bitcoin
      • Altcoins
    • Payment solutions
    • Exchanges
      • Binance
      • bitFlyer
      • Bitfinex
      • CBOE
      • CME
      • Coinbase
      • Coincheck
      • Coinfloor
      • Nasdaq
      • Poloniex
    • Regulations
      • Australia
      • Belarus
      • China
      • Europe
      • India
      • Iran
      • Israel
      • Japan
      • North Korea
      • Philippines
      • Portugal
      • Russia
      • South Korea
      • Thailand
      • Turkey
      • Venezuela
      • Vietnam
      • United States
    • Blockchain platforms
    • Crypto news in brief
    • Stats & trends
    • Reviews
      • Ambrosus
      • ATN
      • Dash
      • Green Power Exchange
      • Power Ledger
      • ShapeShift
      • Waltonchain
      • Cryptocurrency market capitalization can top 4 trillion USD, under conservative estimates
    • Opinion
    • Sponsored
  • Press Releases

South Korea bans ICOs and bitcoin futures despite high adoption among citizens

December 8, 2017 By Crypto Reporter

According to a recent survey, South Korea is the most advanced country in terms of cryptocurrency awareness and adoption among its citizens. But the local financial regulator has moved to prohibit ICOs and bitcoin futures trading.

This week, Korean research portal Dooit, a survey provider for the mobile sector, published the results of “Perception and Prospects for Bitcoin” survey among 3000+ participants. Being one of the world’s most wired, it turns out South Korea is also the most advanced society in digital currency adoption.

According to the survey, 90% responders have heard about bitcoin, 26.1% said that they had purchased bitcoin. Among those who purchased, 5.8% said that they currently own bitcoin while 20.3% said that they do not. A similar survey has been recently conducted in Japan, where 88% of citizens have heard about bitcoin, but only 4.7% have purchased it.

However, despite the fact that Koreans are the most savvy about digital currency and its use, the country’s government wants to have a tight grip on cryptocurrencies.

In September 2017, the country’s FSC (Financial Services Commission) prohibited domestic companies and startups from participating in ICOs, the popular fundraising scheme that has gained popularity in recent months. The decision to ban initial coin offerings was made as the Korean government sees a potential risk increase connected with financial scams. The decision tracked similar announcement in China.

Many startups are currently using ICOs to raise funds because campaigns require little paperwork, let entrepreneurs solicit money directly from investors rather than rely on banks or venture-capital firms, and enable founders to maintain total ownership of their companies.

This week South Korea news outlets reported, that FSC issued a directive banning local financial institutions from offering bitcoin futures contracts as a financial product. That happened right before securities brokers in South Korea were going to introduce bitcoin futures trading to their clients. eBest Investment & Securities Co. and Shinhan Financial Investment Co. had to cancel seminars for bitcoin futures investors planned for December 14 and 15, 2017.

Since November 2017 FSC has officially regarded cryptocurrency as a nonfinancial instrument.

Filed Under: General News, News Tagged With: bitcoin, cryptocurrency, derivatives, futures, ICO, news, regulations, South Korea

Primary Sidebar

Follow Us

Press Releases

Little Pepe (LILPEPE) Momentum Impresses, But Bitcoin (BTC) Needs to Hold This Level to Continue Uptrend Toward $118,000

July 12, 2025

How To Turn $100 into $100k With This New Crypto Presale! Why Solana and Chainlink Whales Are Jumping Ship!

July 12, 2025

BlockchainFX Presale Crosses $3.18M as the Best Crypto to Buy for July 2025 as Cosmos Breaks Out and Tron Expands

July 12, 2025

The Next Big Altcoin Could Surge 10x Higher Than Dogecoin & BONK After 300% Rally

July 11, 2025

The Hashgraph Group Partners with MPBCDC (Government of Maharashtra) to Build India’s First State Carbon Bank on Hedera

July 11, 2025

TWS Conference

Forex Expo Dubai

Merge Madrid

Futurist Conference

Footer

Crypto Reporter is an online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies
About us
Contact us
Submit press-release

Search

2017-2025 Crypto Reporter