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South Korea's Financial Regulator Bans Initial Coin Offerings

The Financial Services Commission believes that cryptocurrencies need to be tightly controlled

South Korea's financial regulator has announced that it will ban all initial coin offerings (ICO).

The Financial Services Commission said that cryptocurrencies need to be more tightly controlled and monitored because it is concerned that ICOs are increasing the risk of financial scams.

Financial institutions that issue ICOs will face "stern penalties", although the commission did not release details about the penalties.

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