South Korea planning to review local staking services News โธ South Korea โธ Kraken โธ Regulation
South Korea planning to review local staking services
The country decided on the review after acknowledging that certain staking services overseas have been suspended, according to local news.
1 min read
Updated: Feb. 15, 2023 at 5:18 pm UTC
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South Korea’s financial regulators are planning to review local staking services, according to Forkast News.
The country cited the recent contradiction between the U.S. Securities and Exchange Commission (SEC) and the crypto exchange Kraken, as Forkast News reported.
South Korea didn’t disclose a timeline for the review.
At the beginning of the month, the SEC charged Kraken for violating the regulations since the exchange didn’t register its staking service as a security offering. Upon this, Kraken suspended its staking services for its users residing in the U.S.
Commenting on this news, Coinbase CEO Brian Armstrong said that the SEC might want to “get rid of” crypto staking. Armstrong stated:
โWeโre hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope thatโs not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.โ
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.