If this is true, then finally another (relatively large crypto) country realizes what is the right thing to do.
Of all the ICO's out there, only a tiny amount is not meant as a scam.
The ICO's are the place where so much money is collected from innocent investors, and dumped on the market (which causes the price to fall). So yeah, ICO's are partly responsible when it comes to a bearish market.
Topic: All ICOs Banned in South Korea - page 2. (Read 403 times)
Thanks for sharing but can you peovide any sources? I wonder if this will cause a bear market too like the China news did.
Of course it will
I don't believe to that news and I think it's all rubbish and fake. But I'm sure that the market would be bearish next week (maybe two).
Thanks for sharing but can you peovide any sources? I wonder if this will cause a bear market too like the China news did.
South Korea’s Financial Services Commission (FSC) said on Friday that “it will ban raising money through all forms of virtual currencies,” Reuters reported. The publication conveyed the regulator’s statement.
“Raising funds through ICOs seem to be on the rise globally,” the FSC said after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. “Our assessment is that ICOs are increasing in South Korea as well.”
The news outlet elaborated that “the decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.” For any parties involved in the issuance of ICOs, there will be “stern penalties,” the authority noted.
Korea’s move follows China’s which banned ICOs on September 4, a decision subsequently followed by the closing down of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will continue to monitor cryptocurrency markets to see if additional regulations are needed, Friday’s announcement detailed.
“Raising funds through ICOs seem to be on the rise globally,” the FSC said after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. “Our assessment is that ICOs are increasing in South Korea as well.”
The news outlet elaborated that “the decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.” For any parties involved in the issuance of ICOs, there will be “stern penalties,” the authority noted.
Korea’s move follows China’s which banned ICOs on September 4, a decision subsequently followed by the closing down of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will continue to monitor cryptocurrency markets to see if additional regulations are needed, Friday’s announcement detailed.
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