Feb 16, 2023
South Korean Regulators to Examine Crypto-Staking Operators
The fears of the crypto community regarding the potential consequences of the recent settlement between the United States Securities and Exchange Commission (SEC) and Kraken are beginning to materialize. According to an unnamed official, South Korean regulators are now looking into the crypto-staking services market in the country.
The SEC and Kraken’s agreement, which saw the exchange pay a $30 million fine and halt its staking program, was met with widespread criticism from the American crypto community, even from the SEC’s acting commissioner. This has now spurred South Korean officials to examine the current state of staking protocols in the country.
J.W. Verret, an associate professor at the George Mason Law School, has warned about the SEC’s intention to use its Kraken playbook against staking protocols in general. He stated that “It’s becoming clear from a pattern across financial regulators and the White House that the subtext in the administration’s policy toward crypto is that it should be choked off.”
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. The law states that securities are financial investments where investors are not required to make additional payments after their original investment.
The examination of the crypto-staking services market in South Korea could potentially affect some legislative decisions as staking isn’t currently defined by Korean regulation. However, no details on the timeline and methods of the examination have been provided yet.
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