South Korea Becomes Latest Nation To Ban Initial Coin Offerings

PR Astronaut The King of ICOs Raises Over $1.2m in Presale

"The guidance ASIC has released is a positive step to ensure a viable future for ICOs in Australia, and sits alongside other positive initiatives such as removing double taxation on digital currencies and driving global blockchain standards". Less than a month after banning blockchain companies from raising money via ICOs however, South Korea has now followed a similar course against token sales.

"Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well", South Korea's Financial Services Commission said in a statement following a meeting with the country's finance ministry, the Bank of Korea and the National Tax Service.

Oliver Bussmann, president of the Crypto Valley Association, a Swiss organization, said in a statement emailed to Business Insider that the announcement comes as no surprise.

According to Bloomberg, digital currencies like bitcoin and ether experienced a small drop in price following the ban - 5.7 percent for ether and 3.5 percent for bitcoin - but both have already recovered. It plans to usesmart contracts on the Ethereum blockchain to pair up buyers and sellers automatically, eliminating the need for a central authority to match trades.

"The majority of ICO tokens are being issued through the ethereum platform", said Glucksmann.

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South Korea notes that the ban doesn't mean it accepts the trading of cryptocurrencies within the financial market.

IBD'S TAKE:China and South Korea might be cracking down, but as cryptocurrencies grow, they've become tougher to ignore by the financial industry's old guard.

This month, authorities also indicted four people on charges of illegally trading cannabis using bitcoin, the commission said.

Despite China's ban, some issuers, such as the upcoming Dragon ICO, found a workaround by issuing tokens in Hong Kong.

On 28 September 2017, the Australian Securities and Investments Commission (ASIC) released Information Sheet 225 which provides its view on initial coin offerings (ICOs) and their application in relation to the Corporations Act 2001 (Cth).

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