CryptoQuant CEO compares South Korea’s hostile Bitcoin stance to ‘Gary Gensler state of affairs’

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 put up on X (previously Twitter), Ju in contrast the regulatory local weather in South Korea to the contentious stance of the US Securities and Alternate Fee (SEC) Chair Gary Gensler, suggesting that such an surroundings would possibly delay ETF approval.

South Korea’s Monetary Providers 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 no management overhaul.

Ju said:

“I’m very skeptical it would transfer ahead till the regime modifications 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 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 about 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 recommended {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 is just not 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 really perceive Bitcoin.”

Ju famous the disconnect amongst South Korea’s leaders contributes to this difficult surroundings. He stated that the president lacks an understanding of Bitcoin, the FSC is overtly 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 contributors 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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