After China, S Korea now bans raising money through initial coin offerings

FILE PHOTO: A bitcoin sign is held in Hong Kong February 28, 2014. REUTERS/Bobby Yip/File Photo

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.

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