The prosecution’s argument that Luna Coin is a security has been dismissed by the Seoul Southern District Court in South Korea. This ruling has consequences for the legal status of cryptocurrencies in South Korea, as they have previously been ruled not to be securities and are not governed by the Capital Market Act.

According to ilyo media outlet, the court’s judgement means that investors who lost money by investing in Luna Coin will be impossible to seek justice. This decision implies that cryptocurrencies are not considered financial investment products in South Korea, and that those who invest in them do so at their own risk.

It should be noted that this ruling solely applies to Luna Coin and does not establish an instance for other cryptocurrencies.It is, however, a significant development in the continuing legal and regulatory debate around cryptocurrencies.

This judgement emphasises the complex and frequently ambiguous legal status of cryptocurrencies around the world. While some countries have embraced cryptocurrencies and created legislative frameworks to accommodate them, others have been more cautious and are waiting to see what happens.