China banned initial coin offerings (ICOs) earlier this month and now South Korea is making the same move. The country's Financial Services Commission has decided to outright ban all ICOs in the name of more strictly regulating cryptocurrencies like Bitcoin.
Violations of the ban will result in "stern penalties," though details about the penalties weren't provided.
ICOs have had a really big year, with close to $2.3 billion being raised by them. The decision to ban them came after South Korean officials noticed "raising funds through ICOs seem to be on the rise globally."