South Korea bans initial coin offerings


This new move by countries to tighten regulations pertaining to cryptocurrencies, or to ban them altogether, seems to be in line with the theory that they intend to replace them with digital reserve currencies of their own.

The press release also reported that beyond implementing the ban, certain members of the task force would continue to monitor the trading of cryptocurrencies in order to determine whether such activity should be regulated.

Friday, Sep 29 - crypto-market has experienced a decrease to a degree but on a stable trading ground as the South Korea could-be banning Initial Coin Offerings news started to branch and more regulation news hit traders. He advised industry players that "If it is a normal company with technology, it can raise money through transparent methods such as stock openings and crowdfunding".

"Similar to China, they probably didn't want to ban it, but they didn't want to take any risk about it getting out of hand".

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For now (as time of the press) Bitcoin price has decreased around 2.84 percent in the last 24-hours (on Friday Sep 29), which is following after hitting the nearly monthly highest and retesting supports around $4,000. 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.

They may be a little late on the latter point, as even the likes of Vitalik Buterin have called a bubble in the ICO market. "That's why the price of ether is susceptible". Today, Japan's Financial Services Agency announced that it granted permissions to 11 different companies to operate as cryptocurrency exchanges.

Its national police agency said this week it confirmed North Korean hackers tried unsuccessfully to hack four bitcoin exchanges using emails containing malicious codes between July and August. The governments of the U.S., Hong Kong, and the United Kingdom have also issued warnings to investors that are planning to invest in Initial Coin Offerings.

The Australian Securities and Investments Commission (ASIC) has issued regulatory guidance for businesses considering launching an initial coin offering (ICO).