South Korea to Maintain Ban on ICOs, Many Fraudulent Activities Uncovered

Crypto Globe Mon, 4 Feb 2019

South Korea’s government has reportedly decided not to lift its ban on initial coin offerings (ICOs) - presumably due to the lack of a well-defined regulatory framework for digital assets. On February 1st (Friday), the South Korean virtual currency task force of the Office for Government Policy Coordination published a detailed report on the global ICO market. According to the newly released report, South Korean authorities have classified the ICO fundraising model as a high-risk investment. Due to the large number of scams carried out through ICO campaigns and also due to the high volatility of crypto tokens, South Korea’s government will maintain its ban on the controversial crowdfunding method.