Korea and China are the only OECD countries that ban the initial coin offering.

The Organization for Economic Cooperation and Development (OECD) reported that Switzerland set an IOC guideline in February last year. France also adopted regulations on ICO, according to the Paris-based organization.

Australia and Japan also adopted rules to prevent criminals from using ICOs and to permit the ICO for payment services, it reported.

The 37-member OECD called for global cooperation to ensure the development of ICOs. It said international cooperation to prevent illegal cross-border transaction through ICOs.

The report said small firms could easily and freely raise capital through ICOs.

However, it stressed the need to protect investors through adequate regulations on ICOs.