CryptoQuant CEO Ki Yong-joo expressed concern about South Korea’s readiness to approve a spot Bitcoin exchange-traded fund (ETF).

In a Nov. 26 submit on indicated that it might delay the approval of ETFs.

South Korea's Monetary Providers Fee (FSC) has tightened its restrictive insurance policies by rejecting ETFs associated to digital belongings. This strategy has led to skepticism about the way forward for the present regulatory framework with out a management overhaul.

Mr. Ju mentioned:

“I'm very skeptical that this plan will transfer ahead till there's a change in administration and a change within the head of the Korean Securities and Trade Fee. We're in a Gary Gensler scenario.”

Gensler is a polarizing determine within the cryptocurrency world, identified for his robust strategy to overseeing digital belongings. Underneath his management, the SEC pursued authorized actions towards main cryptocurrency firms resembling Binance and Coinbase. The courtroom additionally pressed the regulator to rethink its repeated rejections of the Spot Bitcoin ETF, earlier than lastly approving it in January 2024. Mr. Gensler plans to resign as SEC Chairman on January 20, 2025.

Condemns South Korea's Bitcoin strategy

In the meantime, Choo's feedback additionally included sharp criticism of South Korea's broader strategy to Bitcoin.

The CEO of CryptoQuant says that if somebody like MicroStrategy's Michael Saylor had been to function in South Korea, they’d face extreme authorized points as a consequence of South Korea's unfriendly angle in the direction of high cryptocurrencies. steered.

he mentioned:

“South Korea just isn’t a Bitcoin-friendly nation. With out politicians who really perceive Bitcoin, it will likely be tough to encourage companies and governments to undertake Bitcoin monetary methods.”

Chu identified that the disconnect between South Korea's leaders is contributing to this tough atmosphere. He mentioned there’s a fragmented strategy to cryptocurrency regulation, with the president missing understanding of Bitcoin, the FSC being overtly hostile, and the Korean Nationwide Tax Service focusing solely on taxation.

Nevertheless, regardless of the federal government's hostile stance, Korean residents stay enthusiastic contributors within the cryptocurrency market. Home exchanges like Upbit are sometimes ranked among the many world's high platforms by buying and selling quantity, reflecting the sturdy native demand for digital belongings.

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(Tag Translation)Bitcoin