CryptoQuant CEO Ki Younger Ju expressed concern about South Korea's readiness to approve spot bitcoin exchange-traded funds (ETFs).
In a Nov. 26 submit on X (previously Twitter), Ju in contrast the regulatory local weather in South Korea to the controversial stance of Securities and Trade Fee (SEC) Chairman Gary Gensler, suggesting that such an setting might delay ETF approval.
South Korea's Monetary Providers Fee (FSC) has strengthened its restrictive coverage by rejecting ETFs linked to digital property. This method has led to skepticism about the way forward for the present regulatory framework with out a management overhaul.
Ju acknowledged:
“I’m very skeptical that it will transfer ahead till the regime modifications and the pinnacle of the Korean SEC is changed.” We're in a Gary Gensler scenario.”
A polarizing determine within the crypto world, Gensler is thought for his strict method to overseeing digital property. Below his management, the SEC took authorized motion towards main crypto companies, together with Binance and Coinbase. The courtroom additionally compelled the company to rethink its repeated rejections of spot bitcoin ETFs earlier than lastly approving them in January 2024. Gensler is about to step down as SEC chairman on January 20, 2025.
He criticizes South Korea's method to Bitcoin
In the meantime, Ju's feedback additionally included sharp criticism of South Korea's broader method to bitcoin.
CryptoQuant's CEO steered {that a} determine like MicroStrategy's Michael Saylor would face severe authorized bother if working in South Korea as a result of nation's hostile stance in the direction of the highest cryptocurrency.
He mentioned:
“South Korea isn’t a bitcoin pleasant nation. It's onerous to encourage firms or the federal government to undertake a bitcoin treasury technique after we don't have politicians who actually perceive bitcoin.”
Ju famous that the rift amongst South Korean leaders is contributing to this difficult setting. He mentioned the president lacks understanding of bitcoin, the FSC is brazenly hostile, and the Korean IRS is concentrated solely on taxation, making a fragmented method to cryptocurrency regulation.
Nevertheless, regardless of the hostile angle of the federal government, the residents of South Korea stay enthusiastic individuals within the crypto market. Home exchanges corresponding to Upbit typically rank among the many world's high platforms by buying and selling quantity, reflecting the colourful native urge for food for digital property.
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