South Korean Financial Regulator Monitors Ripple Lawsuit for Crypto Regulation Guidance

South Korean financial authority, the Financial Supervisory Service, is keeping a close eye on the Ripple vs. SEC lawsuit. The outcome could influence regulation in the country.

South Korean financial regulator, the Financial Supervisory Service, is closely monitoring the United States Securities and Exchange (SEC) lawsuit against Ripple. Local media outlets reported that the FSS would examine the lawsuit’s outcome and consider its conclusions for local regulations.

The Digital Asset Research Team, which falls under the FSS, gathers data on the crypto market and presents it to the FSS. It announced that it would “revise regulations and formats so that token securities can be issued and distributed in accordance with relevant guidelines, and hold a briefing session for the industry.”

The local media outlets state that whether crypto assets are viewed as securities in the market would be significantly impacted by the outcome of the Ripple case. South Korean financial regulator is keen on regulating the crypto market and has taken several steps to do so.

In fact, it has taken much of this action in the past year. However, the outcome of the Ripple vs. SEC lawsuit could have a particularly strong impact, as the point about whether certain crypto assets are securities is front and center.

South Korea Close to Comprehensive Crypto Regulation

Regulators in South Korea have been heavily discussing the concern about whether crypto tokens are actually securities recently. The country’s Financial Services Commission announced plans to regulate crypto assets as securities. However, this has yet to see approval from lawmakers and requires ratification.

The law is an effort to legalize cryptocurrencies, but regulators want several checks and balances in place before this happens. South Korea has also blacklisted addresses linked to North Korean groups.

Ripple vs. SEC Case Decision Could Happen Soon

Meanwhile, the Ripple vs. SEC lawsuit is coming to a close, with a decision expected in March. All eyes are on the case as it will have significant repercussions for the crypto market; either way, the decision goes. One of the positives is that the judgment on the LBRY token could benefit Ripple.

XRP Price Chart by BeInCrypto

The XRP community and its lawyer have shown optimism about the case going Ripple’s way. However, the XRP token has struggled in recent times, attempting to break out of its stagnancy.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Bookmark (0)

Related Posts

Terraform Labs Co-Founder Daniel Shin Appears in Court for Interrogation

Terraform Labs co-founder Shin Hyun-Seong (Daniel Shin) was interrogated in court on March 30.
Shin was asked such questions as whether he had ever contacted colleagues abroad.
Co-founder Do Kwon was recently arrested, much to the joy of the victims of the Terra crash.

Bookmark (0)

Bitcoin Taps $29,000—Why BTC May Never Revisit Its Previous Lows

Bitcoin markets remain resilient amid U.S. war on crypto.
Halving narrative continues to strengthen.
BTC tapped a nine month high of $29,000.

Bookmark (0)

Jake Paul-endorsed SafeMoon gets hacked after introducing a bug in upgrade

A public burn function introduced in the latest upgrade allegedly allows users to burn tokens from other addresses.

Bookmark (0)

XRP price tags 10-month high — Can a 35% pullback be avoided?

A U.S. regulator called Bitcoin, Ether and Litecoin commodities in its court filing against Binance; it did not mention XRP anywhere.

Bookmark (0)

Did the SEC Target Spicer Jeffries for Being Crypto-Friendly?

SEC settles with Denver-based auditing firm.
Spicer Jeffries has ties with crypto firms and executives.
Gary Gensler requested a bigger budged to tackle crypto ‘misconduct.’

Bookmark (0)

Price analysis 3/29: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin and select altcoins are close to breaking out of their overhead resistance levels, indicating that bulls remain in control of the crypto market.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *