South Korea takes cue from China, bans ICOs
Initial Coin Offerings or ICOs are no longer legal in South Korea.
The country's regulator, the Financial Services Commission (FSC), issued the ban following a meeting Friday, reasoning that ICOs are pushing the market into a "non-productive speculative direction."
The regulator has also banned margin trading on cryptocurrencies.
The move comes weeks after China's financial regulator banned all ICOs in the country, delivering a blow to this booming method of fundraising. South Korea's regulator announced that a ban might be imminent in early September, warning that it would "strengthen levels of punishment" for "illegal fund-raising." Read more...
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