Enlarge / Soeul, South Korea. (credit: Mario Sánchez Prada)
South Korea announced a broad ban on initial coin offerings on Friday, following the lead of China, which banned the practice earlier this month.
“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,” Reuters reports.

Anyone who issues ICOs in South Korea will face “stern penalties,” Korean authorities announced.
“There is a situation where money has been flooded into an unproductive and speculative direction,” said Kim Yong-beom, vice chairman of the┬ácommission.
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