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 post on indicated that it may delay the approval of ETFs.
South Korea's Financial Services Commission (FSC) has tightened its restrictive policies by rejecting ETFs related to digital assets. This approach has led to skepticism about the future of the current regulatory framework without a leadership review.
Mr. Ju said:
“I'm very skeptical that this plan will move forward until there's a change in administration and a change in the head of the Korean Securities and Exchange Commission. We're in a Gary Gensler situation.”
Gensler is a polarizing figure in the cryptocurrency world, known for his tough approach to overseeing digital assets. Under his leadership, the SEC pursued legal action against major cryptocurrency companies such as Binance and Coinbase. The court also pressed the regulator to reconsider its repeated rejections of the Spot Bitcoin ETF, before finally approving it in January 2024. Mr. Gensler plans to resign as SEC Chairman on January 20, 2025.
Condemns South Korea's Bitcoin approach
Meanwhile, Chu's comments also included sharp criticism of South Korea's broader approach to Bitcoin.
CryptoQuant's CEO says that if someone like MicroStrategy's Michael Saylor were to operate in South Korea, they would face severe legal issues due to South Korea's unfriendly attitude towards top cryptocurrencies. suggested.
he said:
“South Korea is not a Bitcoin-friendly country. Without politicians who truly understand Bitcoin, it will be difficult to encourage businesses and governments to adopt Bitcoin financial strategies.”
Chu pointed out that the disconnect between South Korea's leaders is contributing to this difficult environment. He said there is a fragmented approach to cryptocurrency regulation, with the president lacking understanding of Bitcoin, the FSC being openly hostile, and the Korean National Tax Service focusing only on taxation.
However, despite the government's hostile stance, Korean citizens remain enthusiastic participants in the cryptocurrency market. Domestic exchanges like Upbit are often ranked among the world's top platforms by trading volume, reflecting the strong local demand for digital assets.
The post CryptoQuant CEO likens South Korea’s hostile Bitcoin stance to a “Gary Gensler situation” appeared first on CryptoSlate.
