No products in the cart.
- Latest
- Trending
ADVERTISEMENT
South Korea’s News1 reported that South Korea’s Financial Supervisory Service (FSS) is monitoring a lawsuit between the US Securities Exchange (SEC) and cryptocurrency company Ripple (XRP).
news media report Ripple’s case could have a major impact on how crypto assets are classified in Asian countries, Feb. 14. Digital assets such as Bitcoin and Ethereum are not classified as security tokens. However, he added that the classification of XRP in the United States could broadly affect the classification of other altcoins as securities.
South Korea’s financial regulator previously said:
“[We would] Revise regulations and formats to ensure that token securities can be issued and distributed in accordance with relevant guidelines, and hold briefing sessions for the industry. “
The report added that the FSS’s digital asset investigation team is also looking at other foreign cases related to the crypto industry.
South Korea recently published guidelines on the regulation and issuance of security tokens. Under this guidance, the country regulates certain digital assets as securities under the Capital Markets Act and permits Security Token Offerings (STOs) under the Electronic Securities Act.
The US SEC and Ripple have been embroiled in a three-year legal battle over whether XRP can be classified as a security. The lawsuit is in its final stages, and the court is expected to grant him summary judgment as early as March.
