CryptoQuant CEO Ki Younger Ju has raised considerations 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 contentious stance of the US Securities and Change Fee (SEC) Chair Gary Gensler, suggesting that such an setting would possibly delay ETF approval.
South Korea’s Monetary Companies Fee (FSC) has stepped up its restrictive insurance policies by rejecting ETFs linked to digital belongings. This method has led to skepticism about the way forward for the present regulatory framework with out a management overhaul.
Ju said:
“I’m very skeptical it should transfer ahead till the regime adjustments and the pinnacle of the Korean SEC is changed. We’re in a Gary Gensler state of affairs.”
Gensler, a polarizing determine within the crypto world, is understood for his stringent method to overseeing digital belongings. Underneath his management, the SEC pursued authorized motion in opposition to main crypto corporations, together with Binance and Coinbase. A courtroom additionally pressured the company to revisit its repeated rejection of spot Bitcoin ETFs earlier than lastly approving them in January 2024. Gensler is ready to step down as SEC Chair on Jan. 20, 2025.
Slams South Korea’s Bitcoin method
In the meantime, Ju’s feedback additionally included sharp criticism of South Korea’s broader method to Bitcoin.
The CryptoQuant CEO steered {that a} determine like MicroStrategy’s Michael Saylor would face extreme authorized challenges if he operated in South Korea as a result of nation’s unfriendly stance towards the highest crypto.
He stated:
“South Korea isn’t a Bitcoin-friendly nation. It’s laborious to encourage corporations or the govt. to undertake a Bitcoin treasury technique once we don’t have politicians who actually perceive Bitcoin.”
Ju famous the disconnect amongst South Korea’s leaders contributes to this difficult setting. He stated that the president lacks an understanding of Bitcoin, the FSC is brazenly hostile, and the Korean IRS focuses solely on taxation, making a fragmented method to crypto regulation.
Nonetheless, regardless of the federal government’s hostile stance, South Korean residents stay enthusiastic individuals within the crypto market. Home exchanges like Upbit usually rank among the many world’s prime platforms by buying and selling quantity, reflecting a vibrant native urge for food for digital belongings.
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