Feb 16, 2023

South Korean Regulators to Examine Crypto-Staking Operators

The South Korean financial authorities are looking into the crypto-staking services market, as reported by a local publication on Feb. 15. This follows the recent court settlement between the United States Securities and Exchange Commission (SEC) and Kraken, which has caused concerns in the crypto community.

An unnamed official told journalists that, “The position is that there is nothing to be a problem because nothing has been done.” However, no details were provided on the timeline and methods of the examination, which could potentially affect some legislative decisions.

The discussion on crypto staking was kicked off when Kraken agreed to pay a $30 million fine and halt its staking program on Feb. 9. The move was highly criticized by the American crypto community and even the SEC’s acting commissioner. J.W. Verret, an associate professor at the George Mason Law School, warned about the SEC’s intention to use its Kraken playbook against staking protocols in general.

In February, South Korea’s Financial Services Commission established guidance that specifies which types of digital assets will be considered and regulated as securities in the country. This law considers securities as financial investments, where investors are not required to make additional payments after their original investment.

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