Bitcoin price latest update: Cryptocurrency on edge as South Korea bans ICOs

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Bitcoin’s valuation has recovered after a crackdown by China

South Korea’s regulator phrased fund raising through so-called token or coin sales settle upon be banned.

So-called token or coin sales are typically pitched as a way of run up funds for projects using cryptocurrency.

ICO issuers accept bitcoin or ethereal in return for coins or tokens related to the firm or project raising funds — but in most packages it’s difficult to work or the value of the digital coins.

Some projects are also attended.

China disallowed ICOs amid a wider crackdown on bitcoin and cryptocurrency.

The move led to a histrionic fall in price of bitcoin, but values have since recovered.

But South Korea has now supported suit.

The Financial Services Commission regulator said in a statement: «Creating funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are improving in South Korea as well.»

«Stern penalties» will now be slapped on any associates or individuals issuing ICOs, according to the regulator.

Further measures against cryptocurrency could also be bewitched.

On the other hand, Japan appears to be embracing bitcoin and cryptocurrencies.

The boonies’s Financial Services Agency (FSA) officially recognised 11 cryptocurrency disagreement operators.

One exchange operator bitFlyer said the move is turning Japan into the epidemic hub for bitcoin.

Chief executive Yuzo Kano said: «Japan has been lose ones tempering with demand for both bitcoin trading as well as virtual currency benefits,» Kano said in a press release Friday.

«The FSA’s approval for bitFlyer to manage as a Registered Virtual Currency Exchange, and the agency’s openness and forward idea regulation could not come at a better time for the blockchain space.»

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