SEOUL, SOUTH KOREA – South Korea has just disclosed that the country will be banning all initial coin offerings (ICOs) in the country.
This decision was made because the government was seeing issues regarding the increased risk of financial scams.
MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY
“Raising funds through ICOs seem to be on the rise globally,” said the Financial Services Commission.
“Our assessment is that ICOs are increasing in South Korea as well.”
This effort comes only weeks after China’s pronouncement banning all crypto exchanges and ICO’s.
The Korean government, unlike China, is still allowing cryptocurrency exchanges to operate and will continue to monitor the crypto markets to determine if further protocols are necessary.
Korea put together a task force in July exclusively to assess the demand for cryptocurrency policies.
These documents were obtained from the South Korean government: