re: Official CryptoTalk Thread

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The financial authorities are banning ICOs. The intention is to prevent consumers from damaging the market because they are overheating due to a surge in demand for speculative receivables, triggered by an increase in ICO fraud. We will also block all credit-granting activities that lend us trading funds. In fact, financial authorities have brought virtual currencies into the regulatory system.

The Financial Supervisory Commission (FSC) held a third meeting of the joint TF for virtual currency institutions at the Seoul Government Complex in Gwanghwamun, Seoul on the morning of the 29th. The Financial Supervisory Service prohibits all types of ICOs in Korea.

ICO is a similar concept to the IPO of securities markets. The ICO funded several investors and listed the new virtual currency on the exchange.

China, the United States, and Singapore have recently strengthened ICO-related regulatory measures. The Financial Supervisory Service plans to punish the use of virtual currencies as a form of securities issuance in violation of the Capital Market Act

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