CryptoQuant CEO Ki Younger Ju has raised considerations over South Korea's willingness to approve spot Bitcoin exchange-traded funds (ETFs).
In a November 26 article on X (previously Twitter), Ju in contrast the regulatory local weather in South Korea to the controversial stance of U.S. Securities and Change Fee (SEC) Chairman Gary Gensler, suggesting that such an surroundings might delay the approval of ETFs.
South Korea's Monetary Companies Fee (FSC) has stepped up its restrictive insurance policies 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 mentioned:
“I’m very skeptical that we are able to transfer ahead till the regime adjustments and the top of the Korean SEC is changed. We’re in a Gary Gensler state of affairs.
Gensler, a polarizing determine within the crypto world, is thought for his rigorous method to monitoring digital property. Beneath his management, the SEC has taken authorized motion towards main crypto corporations, together with Binance and Coinbase. A courtroom additionally compelled the company to revisit its repeated rejection of spot Bitcoin ETFs earlier than lastly approving them in January 2024. Gensler is anticipated to step down as SEC chairman on January 20, 2025.
Denounces South Korea's Bitcoin Strategy
On the identical time, Ju's feedback additionally included robust criticism of South Korea's broader method to Bitcoin.
CryptoQuant's CEO recommended {that a} determine like MicroStrategy's Michael Saylor would face critical authorized difficulties if he operated in South Korea as a result of nation's hostile stance in the direction of the main crypto.
He mentioned:
“South Korea just isn’t a Bitcoin-friendly nation. It's troublesome to encourage companies or authorities to undertake a Bitcoin treasury technique once we don't have politicians who really perceive Bitcoin.
Ju famous that the disconnect between South Korea's leaders contributes to this troublesome surroundings. He mentioned the president didn’t perceive Bitcoin, the FSC was overtly hostile, and the Korean IRS was centered solely on taxation, making a fragmented method to crypto regulation.
Nonetheless, regardless of the federal government's hostile stance, South Korean residents stay enthusiastic members within the crypto market. Home exchanges like Upbit usually rank among the many prime international platforms when it comes to buying and selling quantity, reflecting a vibrant native urge for food for digital property.
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