Singapore and South Korea Reject Bitcoin.

South Korea (South Korea) follows China, banning the activity of virtual currency, bitcoin in the country.

This adds to the long list of countries that resist bitcoin as part of the state financial system.

The Financial Services Commission of South Korea said all types of virtual coin offerings or initital coin offerings (ICO) would be banned from trading virtual currencies. Because this activity needs to be controlled and monitored very tight.

As quoted by CNBC, this announcement adds to the assertion that the South Korean government does not accept virtual currency trading as part of their financial system. The government will also continue to monitor the market and continue to control when additional regulations are needed.

In addition, a number of banks in Singapore also closed a number of company accounts that specifically offer virtual currency and payment services with the currency.

Seeing the condition, Cryptocurrency and Blockchain Industry Association Singapore (Acess) asked the Singapore Government to get involved in this issue.