Not exactly. They are absolutely loyal to it, but they try to regulate and find in it a profit for the treasury. I think in the future, the same will be in many countries.

There are only intentions, but ICO projects still exist in the South Korea

Do they work illegally? As far as I know, ICO is still banned officially there.

To broaden your view, especially regarding numerous cryptoprojects, is to stay competitive. The knowledge and experience are out there, up for grabs, and I'd say it's worth taking the risk. We should always keep our eyes peeled for the new upcoming projects so when one lets us down we move on to another. On the side note, there's also AR which I think is going to be more widespread and convenient as opposed to VR.

From my point of view it's a bad move for them, even tough they didn't get any profit from ICO's. Is government able to track ICO's which exist in their contry? Is this even possible?

I think that one of the main reasons is that the government considers it illegal. Not only ICO's but basically all crypto currencies.

If they can't control them, then what is the reason to ban ICO's? I think that there are some ways of tracking or something else, otherwise there would be no sense for banning

Seems promising project as it has clear milestone setup for the period.

The reason is to ensure that ICO operations won't carried out and projects won't open, so that government was the only financial regulator in the country.