Bitcoin in South Korea and other Issues...

[audaciousbeing]

"South Korea bans all new cryptocurrency sales
South Korea's financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings.
The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.
"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.
The decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams. The decision tracks similar announcements in the U.S. and China where increasing trading volumes of cryptocurrencies are sparking concerns.
It added Friday's announcement doesn't mean the government has implicitly accepted trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed".

https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.html

[ActiveP]

The latest news triggered a 2% fall in bitcoins value, and a slightly larger drop in the value of ethereum, as the main currency that is used in many I see hoes.

[dasdo]

This news has not had and will not have a significant impact in the future. Korea is not the whole market. Let them do what they want. Even China's limitations are temporary. It's nothing to be afraid of. Korea behaves like an ordinary upstart. they will have to abolish these prohibitions and restrictions in the near future.

[Lamperon]

Bitcoin doesn't even react to such a news. It is really strong crypto.

[Juggy777]

"South Korea bans all new cryptocurrency sales
South Korea's financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings.
The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.
"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.
The decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams. The decision tracks similar announcements in the U.S. and China where increasing trading volumes of cryptocurrencies are sparking concerns.
It added Friday's announcement doesn't mean the government has implicitly accepted trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed".

https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.html

This is sad day, really sad day South Korea was becoming a big market for Bitcoins and this is indeed a big setback, I hope they consider their decision or the Bitcoin prices shall tank. I don't really understand why are they he'll bent on destroying bitcoins, wonder how long will it last, I wish some Korea person reports to us, how bad the situation actually is, and is there any chance they will reverse it.

[subSTRATA]

Bitcoin doesn't even react to such a news. It is really strong crypto.

wrong. it has in the past and it will continue to do so as long as people are a factor, which they will forever be. people react to news, they panic, spread fud, and dump their coins. we saw a very extreme case of that happening when china announced a ban on ico's, something like a 25% drop in under 48 hours. no matter how long it's been around, it all depends on the users.

"South Korea bans all new cryptocurrency sales
South Korea's financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings.
The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.
"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.
The decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams. The decision tracks similar announcements in the U.S. and China where increasing trading volumes of cryptocurrencies are sparking concerns.
It added Friday's announcement doesn't mean the government has implicitly accepted trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed".

https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.html

This is sad day, really sad day South Korea was becoming a big market for Bitcoins and this is indeed a big setback, I hope they consider their decision or the Bitcoin prices shall tank. I don't really understand why are they he'll bent on destroying bitcoins, wonder how long will it last, I wish some Korea person reports to us, how bad the situation actually is, and is there any chance they will reverse it.

if anything, its more than likely a ban set in place until the administration can figure out better rules and regulations to set into place so that business in cryptocurrencies can be safer for the individuals involved in the future. korea is generally receptive to technological advancements and innovations, i don't really see the ban being permanent. i might be wrong, of course, but we'll see how it turns out over the course of the next few months.

[farhaan]

Bitcoin had successfully overcome the critical situation caused by china banning ICOs itself.So,it would not be a matter of serious concern regarding south korea banning such ICOs.Its a very small market compared to china.

There are a few promising ICOs,but still nowadays,there are more scam projects in ICO.So,we could understand the stand taken by governments to control such scam projects.

But despite such actions,we could hope that bitcoin would succeed as it did in the past situations.

[Gecko8]

This news has not had and will not have a significant impact in the future. Korea is not the whole market. Let them do what they want. Even China's limitations are temporary. It's nothing to be afraid of. Korea behaves like an ordinary upstart. they will have to abolish these prohibitions and restrictions in the near future.

You seem to be right. I am actually quite surprised, seeing the bitcoin price rising instead of falling. The crypto market is sometimes really strange.