Korea Forms A Special Group To Review Virtual Assets With Securities Properties

Key Points:

• The Korea Financial Supervisory Service has established a task force to examine the securities properties in circulating virtual assets.
• In the immediate future, the organization will compile a list of virtual assets to evaluate securities properties.
• The organization will also receive all inquiries related to this issue.

The Korean Financial Supervisory Service has begun directly reviewing whether each virtual asset has securities properties. The regulator established a task force on February 10 to determine the securities properties of virtual assets circulating in Korea.

This month, the task force will compile a list of assessments of virtual asset securities properties, examine the technical specificities of virtual assets and the relevance of securities concepts, and start discussing stock attributes based on specific cases next month.

In addition, to guide the crypto industry in assessing whether their virtual assets have securities properties, the Korea Financial Supervisory Service plans to accept inquiries from asset exchanges virtual and other parties and organize symposiums and briefings on the issue.

There are also plans to create a group of external experts, including academics and researchers, related organizations, the securities industry, and the legal community. Through this, we will gather a wide range of expert opinions through in-depth discussions on critical issues.

Earlier on February 6, the Korean Financial Services Commission planned to allow ST0 to be issued and circulated as securities, which is different from virtual assets.

The dean of the Korean Financial Supervisory Service said that the evaluation criteria for the “security properties” of the tokens will be unified and will be held this month.

“As announced in the Token Securities Guide, virtual asset handlers such as issuers and exchanges must determine whether or not the assets virtual assets in circulation are securities. If the issue of investor protection is raised through, etc., the supervisory authority will make the case to determine the nature of the securities through a case-by-case analysis.”

An official from the Financial Supervisory Service said

Earlier today, it was reported that Korean authorities are studying cases such as the US SEC lawsuit against XRP for reference in the development of regulations related to ST0.

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