South Korea’s Financial Watchdog Will Investigate Staking Services

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South Korean financial regulators will explore services to provide staking services to local crypto exchanges.

According to local publication News 1, the departments have become interested in such services as a result of the recent enforcement actions of the SEC in relation to crypto exchange Kraken.

The attention of regulators is allegedly connected with “events abroad.” However, the Korean exchanges “did not engage in activities that could be regarded as asset management for profit.”

An industry research group in South Korea drew attention to two points that guided the SEC, including the fact that the US regulator recognized the staking service as an unregistered offer of securities and that the formation of a common pool of rates promised a higher income than with individual operations.