South Korea said today that it plans to ban raising money through initial coin offerings (ICOs) for all cryptocurrencies, according to Reuters. The country’s Financial Services Commission said that all ICOs need to be banned because the trading of Bitcoin and other cryptocoins needs to be tightly controlled. Violators of the new ban will receive “stern penalties,” but no details of what those penalties will be have been provided.
As ICOs increase in quantity and scale, they’ve attracted the attention of government regulators in various countries. This year alone, ICOs have raised nearly $2.3 billion in funds so far, according to Coindesk ICO tracker data. China banned ICOs earlier this month, saying that they disrupted the country’s...
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