South Korea will examine crypto staking services

No details have been provided on the timing and rules of the examination. Still, according to reports, it will be conducted as standard, as no violations have been reported in the country.

Korean financial authorities are watching the market for betting services.

The crypto community’s fears about the possible consequences of the recent court settlement between the US SEC and Kraken are starting to materialize. South Korean regulators will scrutinize existing crypto-commodity operators in the country.

Details were not provided on the timing and methods of the examination, but it may affect some of the legislative decisions made. Unlike more common operations with digital assets, Korean regulators don’t define crypto betting.

The global discussion about crypto staking began on February 9 with a settlement between the SEC and crypto exchange Kraken. Kraken agreed to a $30 million fine and suspended its betting program. The US crypto community and the acting SEC criticized the move.

South Korea’s Financial Services Commission has established guidelines that determine which types of digital assets are regulated as securities in the country.

Ethereum supply plunges 37%

Ether’s market capitalization is $1.55 billion. It has decreased in exchange supply over the past six months, since the merger. The Ethereum network underwent a significant upgrade in 2022, moving from a proof-of-work to a proof-of-stake network in an event called the Merge.

The amount of ETH on exchanges continues to decrease. After the merger, ETH is 37% lower on exchanges. A sign that the supply on exchanges is going down is that it means there’s less ETH to trade or sell.

There was 19.13 million ETH and $31.32 billion on exchanges in September. In February, the number is now down to 13.37 million ETH, worth $19.75 billion.