There's a narrative going around right now in the Cryptocurrency community that South Korea is looking to ban cryptocurrency exchanges all together.
It looks like Bitcoin and other altcoins are having some turbulence because of the unclear direction in South Korea's regulations: https://www.express.co.uk/finance/city/903570/bitcoin-price-falling-ripple-xrp-btc-south-korea-crypto-exchange
Although extremely unlikely because cryptocurrency exchanges have been extremely popular in South Korea, the government most likely wants to moderate the activity rather than ban it all together.
ICO's have been a big concern of the whole crypto community as of late because of it's "pump and dump" nature. The ability to raise funds quickly because of hype surrounding blockchain technology.
S.Korea's govt at most wants an oversight which is probably why they haven't finalized any ban on cryptocurrency at the moment, it just looks like a trending conversation that's being entertained right now.
I haven't seen any real source that shows S.Korea's decision to actually ban cryptocurrency (and most articles online about this are clickbait) if you guys have a solid source on the government looking to make a decision on this I'd like to read it and include it in my research.
Here's my video on thoughts of all of this: