More regulation – South Korea Bans ICOs

September 29, 2017 by

Following China’s footsteps, South Korea has banned the sale and trade of all new cryptocurrency. This directly affects ICOs and the country’s government has issued a stern warning to anyone attempting a new ICO. South Korea’s financial regulator issued a statement after a consultation with the government, where they said, “Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well.”

This comes on the heels of a series of governments announcing their unease at the probability of financial fraud through ICOs. USA and Singapore have deemed some regulations to ensure that ICOs at least have a product and a detailed whitepaper. Japan’s FSA went a step ahead and laid out the regulations for almost all cryptocurrency exchange operations.

However, contrary to other reports, the South Korean financial regulator explicitly mentioned that this is not a ban for cryptocurrencies in the market. It is monitoring its use and said that it will enforce regulations in the case of malpractice.

Our Take

While this might look like a restrictive measure, we believe that regulating ICOs will only make the quality of ICOs better. Over time, we will see more legit teams making products that solve real-world problems. We should be looking at this a good news for the entire cryptocurrency industry. The only thing to look for is a faster resolution on ICOs, as China is yet to make any progress on this front.

Looking for more awesome content? Follow us on Telegram – https://t.me/Itsblockchain 

For accurate cryptocurrency signals data, join our Free Telegram channel – https://t.me/joinchat/AAAAAEBgX2LJMVDiPKyWfQ 

Download IBC Investment Report - Sep'2017

IBC achieved an unprecendented 82% signal accuracy. 
Download
Lets learn this amazing technology with us!
Subscribe To Our Newsletter
Be the first to get latest updates and
exclusive content straight to your email inbox.
Yes, I want to receive updates
No Thanks!
close-link
Join Us
AND GET OUR LATEST CONTENT IN YOUR INBOX

SUBSCRIBE 
Your information will never be shared

Stay Connected With Us!

Get email Cryptocurrency And Blockchain News delivered straight to your inbox!

Lets learn this amazing technology with us.
SUBSCRIBE
close-link

Download IBC Investment Report - Sep'2017

IBC achieved an unprecendented 82% signal accuracy. 
Download
close-link

Pin It on Pinterest

Share This