Initial Coin Offerings or ICOs are no longer legal in South Korea.
The country's regulator, the Financial Services Commission (FSC), issued the ban following a meeting Friday, reasoning that ICOs are pushing the market into a "non-productive speculative direction."
The regulator has also banned margin trading on cryptocurrencies.
The move comes weeks after China's financial regulator banned all ICOs in the country, delivering a blow to this booming method of fundraising. South Korea's regulator announced that a ban might be imminent in early September, warning that it would "strengthen levels of punishment" for "illegal fund-raising." Read more...More about South Korea, Ban, Ico, Business, and Sharing Economy