South Korea Issues Ban On ICOs

THELOGICALINDIAN - On Friday South Koreas banking regulator the Banking Services Commission has issued a ban on all Initial Coin Offerings

Chinese banderole on wall

Earlier this month, account broadcast that the Chinese banking regulator banned all Initial Coin Offerings and affected cryptocurrency exchanges to shut bottomward their operations until the end of September. According to an commodity by Techcrunch, on Friday, South Korea’s banking regulator banned all Initial Coin Offering, due to apropos of abeyant banking scams. The South Korean regulator declared following:

The South Korean regulator additionally declared that banking institutions and parties that are complex with Initial Coin Offerings will face “Stern penalties”. The regulator argues that these measures are all-important in adjustment to appropriately assure investors and users. The governments of the U.S., Hong Kong, and the UK accept additionally issued warnings to investors that are planning to advance in Initial Coin Offerings. The carnality administrator of Korea’s Financial Services Commission (FSC), Kim Yong-beom, gave the afterward statement:

Given South Korea astronomic cryptocurrency trading volume, the bazaar was abnormally afflicted by this news. The amount of Bitcoin acutely fell with 3%, and the amount of Ethereum additionally alone 6.5%.

Japanese Government Approves Cryptocurrency Exchanges

Japan became accepted in the cryptocurrency amplitude afterwards the acclaimed Mt.Gox drudge in 2014, area 850,000 Bitcoins were lost. In April 2017, the Japanese government clearly recognized the decentralized cryptocurrency as a acknowledged tender. Today, Japan’s Financial Services Bureau announced that it accepted permissions to 11 altered companies to accomplish as cryptocurrency exchanges. The bureau argued that this is a all-important footfall to added legitimize cryptocurrencies and to assure the consumers from fraud. Currently, there are 17 added companies cat-and-mouse to accept their permission from FSA in adjustment to accomplish as cryptocurrency exchanges.

What are your thoughts on South Koreas ban on Initial Coin Offerings? Do you anticipate that it is all-important in adjustment to assure investors? Let us apperceive in the comments below!

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