The South Korean financial authority Financial Supervisory Service (FSS) is closely following the SEC lawsuit against Ripple. The SEC’s decision regarding the altcoin project may affect the regulations in the country.
Ripple and SEC lawsuit under close scrutiny of FSS
The South Korean financial regulator, the Financial Supervisory Service, is closely monitoring the United States Securities and Exchange Commission’s (SEC) case against Ripple. Local media outlets reported that the FSS will review the outcome of the case and evaluate its implications for local regulations.
The Digital Asset Research Team, covered by the FSS, collects data about the crypto market and submits it to the FSS. In this context, it announced that it will “revise the regulations and formats for the issuance and distribution of token securities in accordance with the relevant guidelines and will hold a briefing session for the sector”.
Local media outlets state that whether crypto assets are viewed as securities in the market will be significantly affected by the outcome of the Ripple lawsuit. The South Korean financial regulator is keen to regulate the crypto market and has taken several steps to do so. In fact, he did most of this action last year. However, the outcome of the Ripple and SEC lawsuit could have a particularly strong impact, as the issue of whether certain crypto assets are securities is at the forefront.
South Korea close to comprehensive crypto regulation
Regulators in South Korea have recently been heavily debating concerns over whether cryptocurrencies are truly securities. The country’s Financial Services Commission has announced plans to regulate crypto assets as securities. However, this has yet to see the approval of lawmakers and must be approved.
The law marks an effort to legalize cryptocurrencies. But regulators want a few checks and balances to happen before that happens. Meanwhile, South Korea has also blacklisted addresses linked to North Korean groups.
Altcoin lawsuit on the radar could end soon
Meanwhile, the Ripple and SEC lawsuit ends with a verdict in March. All eyes are on the case as it will have significant repercussions for the crypto market. Either way, the decision will have significant consequences for the market. cryptocoin.comOne of the positive aspects is that the decision on the LBRY token could benefit Ripple.
The XRP community and its attorney seem optimistic about the case in favor of Ripple. However, the XRP token has been struggling as it tries to recover from its recent stagnation. At press time, the altcoin is trading at $0.3759, up 3.12% on a daily basis. However, it lost 5.8% on a weekly basis.
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