CryptoQuant CEO compares South Korea’s hostile Bitcoin stance to ‘Gary Gensler situation’

CryptoQuant CEO Ki Younger Ju has expressed considerations about South Korea’s willingness to approve Bitcoin Trade Traded Funds (ETFs).

In a November 26 put up on ETFs may decelerate.

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 no management overhaul.

Ju acknowledged:

“I’m very skeptical that issues will transfer ahead till the regime adjustments and the top of the Korean SEC is changed. We’re in a Gary Gensler state of affairs.”

A polarizing determine within the crypto world, Gensler is thought for his strict method to overseeing digital belongings. Beneath his management, the SEC took authorized motion towards main crypto firms, together with Binance and Coinbase. A court docket additionally pressured the company to rethink its repeated rejection of spot Bitcoin ETFs earlier than lastly approving them in January 2024. Gensler will step down as chairman of the SEC on January 20, 2025.

Condemns South Korea’s Bitcoin method

In the meantime, Ju’s feedback additionally included sharp criticism of South Korea’s broader method to Bitcoin.

CryptoQuant’s CEO urged {that a} determine like MicroStrategy’s Michael Saylor would face critical authorized challenges if he operated in South Korea because of the nation’s unfriendly angle towards high cryptocurrencies.

He stated:

“South Korea isn’t a Bitcoin-friendly nation. It’s troublesome to encourage firms or authorities to undertake a Bitcoin treasury technique if we do not have politicians who actually perceive Bitcoin.”

Ju famous that the divisions amongst South Korea’s leaders contribute to this difficult setting. He stated the president has no understanding of Bitcoin, the FSC is overtly hostile and the Korean IRS focuses solely on taxation, making a fragmented method to crypto regulation.

Regardless of the federal government’s hostile angle, South Korean residents stay enthusiastic members within the crypto market. Home exchanges like Upbit are sometimes among the many high platforms on the planet by way of buying and selling quantity, reflecting a vibrant native urge for food for digital belongings.