A major financial regulatory authority based in South Korea is ready to hold the same stance against the staking services as its counterpart in the US.
According to the reports, the financial regulator in South Korea is going after the crypto-staking firms launching scrutiny. It is to be clarified that the scrutiny has been launched by the regulator against the domestic services.
Because of the recent updates, it is expected that South Korea is ready to come up with new regulations pertaining to cryptocurrency regulations.
The staking sector is alert in South Korea as they want to know exactly what the country has planned for them. From the looks of it, South Korean regulators may come up with stricter regulations against the crypto-staking sector.
The announcement by the FSS
The Financial Supervisor Service (FSS) is the regulatory authority in South Korea that has decided to go after the crypto-staking firms.
The regulator has recently started to launch requests against cryptocurrency exchanges pertaining to crypto staking.
The requests have been launched against the major and top cryptocurrency exchanges, demanding their cooperation in the investigation.
The regulator is eager to understand how the exchanges have been running their staking operations. Therefore, it is important for them to gain knowledge and understanding about the operations pertaining to staking.
FSS has Reached Out to Major Exchanges
According to the local reporting firms, the FSS has reached out to all major cryptocurrency exchanges in the region.
It is a confirmed report that the major exchanges that they have reached out to include Coinone, Korbit, Bithumb, and Upbit.
The representatives from these exchanges have confirmed that they have been contacted by the regulator to demand clarity and information on the staking operations.
One of the exchange representatives not wanting to share their name has claimed that the FSS has demanded them to provide staking services related to data.
The regulator is yet to comment on the actions and communications they have sent out to the major cryptocurrency exchanges.
However, the inside sources are claiming that the regulator is indeed running several inquiries pertaining to several staking operations belonging to different local exchanges.
The FSS is among the notorious regulatory authorities in the cryptocurrency industry. This is because the regulator has suggested in the past that the crypto staking operations must be banned right away.
Given the recent comms, it could be suggested that the regulatory might have changed its stance against the crypto staking services.
If it is collecting data about the flow and services for staking, then it means that it might have a chance to its policy against the operations.