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:
“We’re hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that’s not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.”