South Korea reportedly monitoring Ripple’s case against SEC
South Korea’s Monetary Supervisory Service (FSS) is reportedly monitoring the lawsuit between the US Securities and Trade (SEC) and crypto agency Ripple (XRP), South Korea’s News1 reported.
The information outlet reported Feb. 14 that Ripple’s case might strongly influence how crypto belongings are labeled within the Asian nation. It added that whereas digital belongings like Bitcoin and Ethereum usually are not labeled as safety tokens, the classification of XRP within the US might broadly influence the classification of different altcoins as securities.
South Korea’s monetary regulator beforehand stated:
“[We would] revise rules and codecs in order that token securities may be issued and distributed in accordance with related pointers, and maintain a briefing session for the business.”
The report added that the FSS’s Digital Asset Analysis crew was additionally reviewing different international circumstances associated to the crypto business.
South Korea just lately printed pointers on the regulation of safety tokens and their issuance. Underneath this steering, the nation will regulate sure digital belongings as securities below its Capital Markets Act and permit Safety Token Choices (STOs) below the Digital Securities Act.
The US SEC and Ripple have been embroiled in a three-year authorized tussle over whether or not XRP could possibly be labeled as a safety. The case is at its closing levels, with the court docket anticipated to provide a abstract judgment as early as March.
