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South Korea Bans Initial Coin Offerings (reuters.com)
An anonymous reader quotes a report from Reuters: South Korea's financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings. The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored. The decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.
"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.
"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.
Taxes pay for my roads and schools. Regulating currency limits criminal money laundering and limits bubbles.
Also this is less trying to stamp out bitcoin and more trying to regulate a speculative market before it goes out of control and takes advantage of naive investors.
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WOW! In all the years I've been on /. Its users have largely been transformed into a bunch of sheeple!
Bitcoin and other crypto currencies are one simple way for Liberty minded people to begin to break free of the stateist slavers. You are all slaves if you can't understand that.
“If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”
Samuel Adams