Following China, South Korea banned ICOs

Almaty. September 29. Silkroadnews – Following China South Korea banned ICOs, a specialized Internet portal TechCrunch reported.
“South Korea has banned ICOs, the up-and-coming method of raising funding via crypto tokens, due to concerns over the potential for financial scams. China’s Central Bank became the first to outlaw ICOs, which are also known as token sales, in a move made earlier this month and now Korea is following suit,” the report said.
With this the publication says about companies from all over the world hat have raised more than $1.8 billion through the ICO this year. Cyber-space is not regulated as the main financial markets, for which it has been criticized as creating the potential to deceive investors.
Regulators around the world, including the U.S., Singapore, Hong Kong and the UK, have warned companies using ICO that they may violate securities laws, and investors have been warned that they may lose their money.
It is reported that the bans imposed by China led to the fact that the most of the crypto-currency trade moved to South Korea. Previously, China accounted for more than 90% of trade in crypto currency, but now slightly more than 10%, and the main centers were Korea, Japan and the United States. Given the importance of South Korea in this market, today’s news has led to a 3% decrease in bitcoin price and a 6.5% declines in value of Ethereum in the last 24 hours.