Crypto News 9.29.2017 - South Korea FUD, ICO Ban
South Korea bans ICO's and the market is dipping.
The ban was teased back in early September, but now it's official, as a statement was issued from the country's financial regulator.
“Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well,” the regulator said in a statement after a meeting with the finance ministry, the Bank of Korea and the National Tax Service.
“Stern penalties” will be issued on financial institutions and any parties involved in issuing of ICOs, the statement added, without elaborating further on the details of those penalties.
Reference Article
How are Korean ICO's affected?
The website for the much hyped ICO - ICON, was nearly unreachable due to high network traffic, coming off the news of the ban.
ICON has been dubbed the Ethereum/NEO of South Korea.
No official statement has been released from them as of yet - Twitter
As of now - China & South Korea have banned ICO's, with China beginning to loosen a grips, as CEO of Neo tweeted that negotiations were 'possible'.
With South Korea follow suit?
Will it merely be a small blip as China's ICO ban was?
Vitalik Buterin discussing China Ban
Ethereum & Bitcoin
Ethereum dipped to a low of $278, but has since rebounded to $289
Bitcoin hasn't dropped below 4k, but was close with a low of $4,026.00, now trading around $4,086.36
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