Did you know that South Korea has decided to ban raising money through initial coin offerings (ICOs) for all the cryptocurrencies? This has been stated by Reuters. South Korea’s Financial Services came forwards and said that all the ICOs need to be banned as the trading of Bitcoin and other cryptocoins requires a strict controlling. If there are any violators to this new ban then they will receive “stern penalties.” As for now no details have been shared with the public as to how they will be punished or charged.
ICOs increase in quantity and scale as they were able to attract the attention of government regulators in various countries. This year itself, ICOs have raised around $2.3 billion in funds so far. Of course, we only take information from trusted sources, this was floated by Coindesk ICO tracker data. China is another country which took the decision to ban ICOs earlier this month. The country said that they are disrupting the country’s financial order.
The ban which came after South Korea observed that “raising funds through ICOs seem to be on the rise globally” and domestically, as commented the Financial Services Commission in a statement after a meeting which was held with the national bank, tax and finance officials. It is measure taken as ICOs can range from serious attempts to build more digital currencies which can lead to risky plans resembling pyramid schemes. Along with the ban put by South Korea, the country’s regulators may exact more measures in order to control cryptocurrencies.
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