According to Forkast News, South Korea’s financial regulator plans to overhaul local staking services.
The country cited a recent conflict between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Kraken as Forkast News. report.
South Korea did not disclose a timeline for the review.
Earlier in the month, the SEC indicted Kraken for violating regulations after the exchange failed to register its staking service as a security service. As a result, Kraken has suspended its staking service for users in the United States.
Commenting on the news, Coinbase CEO Brian Armstrong said the SEC may want to “eliminate” cryptocurrency staking. Armstrong said:
“I have heard rumors that the SEC wants to end crypto staking for retail customers in the US. I have.”
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