CryptoQuant CEO Ki Young Ju has raised issues about South Korea’s readiness to approve region Bitcoin alternate-traded funds (ETFs).

In a Nov. 26 post on X (beforehand Twitter), Ju when in contrast the regulatory native climate in South Korea to the contentious stance of the US Securities and Alternate Commission (SEC) Chair Gary Gensler, suggesting that such an setting might perchance well well additionally delay ETF approval.

South Korea’s Monetary Products and services Commission (FSC) has stepped up its restrictive insurance policies by rejecting ETFs linked to digital assets. This formulation has ended in skepticism in regards to the future of basically the latest regulatory framework without a management overhaul.

Ju acknowledged:

“I’m very skeptical this will switch forward till the regime changes and the head of the Korean SEC is replaced. We’re in a Gary Gensler scenario.”

Gensler, a polarizing resolve in the crypto world, is belief for his stringent contrivance to overseeing digital assets. Below his management, the SEC pursued criminal action against most major crypto companies, including Binance and Coinbase. A court docket additionally forced the company to revisit its repeated rejection of region Bitcoin ETFs sooner than lastly approving them in January 2024. Gensler is situation to step down as SEC Chair on Jan. 20, 2025.

Slams South Korea’s Bitcoin formulation

Meanwhile, Ju’s comments additionally incorporated fascinating criticism of South Korea’s broader contrivance to Bitcoin.

The CryptoQuant CEO suggested that a resolve esteem MicroStrategy’s Michael Saylor would face severe criminal challenges if he operated in South Korea due to the the country’s horrid stance toward the tip crypto.

He acknowledged:

“South Korea is now now not a Bitcoin-pleasant country. It’s laborious to back companies or the govt. to adopt a Bitcoin treasury approach when we don’t possess politicians who in point of fact realize Bitcoin.”

Ju neatly-known the disconnect among South Korea’s leaders contributes to this now now not easy setting. He acknowledged that the president lacks an figuring out of Bitcoin, the FSC is overtly opposed, and the Korean IRS focuses solely on taxation, growing a fragmented contrivance to crypto regulations.

Nonetheless, despite the govt.’s opposed stance, South Korean citizens dwell fervent contributors in the crypto market. Domestic exchanges esteem Upbit recurrently contaminated among the many area’s top platforms by procuring and selling quantity, reflecting a vibrant native appetite for digital assets.

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Bitcoin Coinbase Binance CryptoQuant MicroStrategy Gary Gensler Michael Saylor

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Oluwapelumi Adejumo

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Liam 'Akiba' Wright

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Also is named "Akiba," Liam Wright is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that decentralized skills has the aptitude to produce unusual definite trade.

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