South Korean court rejects allegations that $LUNA is a security. WuBlockchain cryptoregulation
He also noted that in the majority of previous trials undertaken by various courts in that country, the judges did not find cryptocurrencies to be securities and, therefore, they are not investment products that fall under regulation by the Capital Market Act.
According to Korean media ilyo, South Korea’s Seoul Southern District Court rejected the prosecution’s claim that Luna Coin is a security. In most of the previous trials of South Korean courts, cryptocurrencies were not considered securities and could not be regarded as financial…The investigation of South Korean prosecutors against Terraform Labs, which issued digital currency LUNA, hit a snag after the Seoul Southern District Court dismissed allegations that LUNA was a security.
The former chief executive of Terraform Labs, Shin Hyun-seong, was present in court in early December last year where he was interrogated as a suspect before he was arrested. Now, the appeal of the prosecutors against the dismissal of Shin Hyun-seong has been rejected by the court. Prosecutors did not get an arrest warrant for Hyun-seong and other former top managers of Terraform Labs.
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