On the heels of China's ICO ban, South Korea's financial regulator said Friday that it will not allow for fundraising through virtual currency and has also restricted margin crypto trading.
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South Korea bans fundraising through ICOs
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“Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well,” the regulator said in a statement after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. “Stern penalties” will be issued on financial institutions and any parties involved in issuing of ICOs, the statement added, without elaborating further on the details of those penalties.
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