The South Korean authorities are studying the case of SEC v. XRP in the United States and other cases to refer to the relevant provisions of ST0
On February 14, according to the source, the Digital Assets Research Group of the Korea Financial Supervisory Institute is focusing on the overseas cases related to virtual assets, including carefully referring to the lawsuit between XRP and the United States Securities and Exchange Commission (SEC), which is expected to reach the results as early as March, to formulate the relevant provisions of the domestic securities token (ST0) in South Korea.
Interpretation of this information:
The Digital Assets Research Group of the Korea Financial Supervisory Institute is reportedly turning its focus towards overseas cases related to virtual assets- specifically, the ongoing lawsuit between XRP and the United States Securities and Exchange Commission (SEC). The group is believed to be consulting this case, among others, to create relevant provisions for the domestic securities token (ST0) industry in South Korea.
This move suggests that the Korean authorities are taking a serious interest in the regulation of digital assets within the country. They are looking to create a legal framework for the growing industry that is guided by global best practices and is compatible with international protocols. By referencing overseas cases, they are also acknowledging the importance of understanding the legal nuances of other countries.
The inclusion of references to the XRP lawsuit is particularly interesting as it indicates a possible alignment of the Korean authorities with the SEC. Since the SEC filed the lawsuit last year, it has alleged that XRP is a security that was sold in violation of US securities laws. If the South Korean authorities view XRP in a similar way, it could lead to a more cautious approach to the asset in the country.
Overall, the message suggests that the Korean authorities are making a concerted effort to regulate the digital assets industry within their borders. They are looking at overseas cases and using them to create local provisions that are in line with international standards. The inclusion of the XRP lawsuit is noteworthy and indicates that the Korean authorities are taking the views of the SEC into account.
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