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

CryptoQuant CEO Ki Young Ju has raised concerns astir South Korea’s readiness to o.k. spot Bitcoin exchange-traded funds (ETFs).

In a Nov. 26 station connected X (formerly Twitter), Ju compared the regulatory clime successful South Korea to the contentious stance of the US Securities and Exchange Commission (SEC) Chair Gary Gensler, suggesting that specified an situation mightiness hold ETF approval.

South Korea’s Financial Services Commission (FSC) has stepped up its restrictive policies by rejecting ETFs linked to integer assets. This attack has led to skepticism astir the aboriginal of the existent regulatory model without a enactment overhaul.

Ju stated:

“I’m precise skeptical it volition determination guardant until the authorities changes and the caput of the Korean SEC is replaced. We’re successful a Gary Gensler situation.”

Gensler, a polarizing fig successful the crypto world, is known for his stringent attack to overseeing integer assets. Under his leadership, the SEC pursued ineligible enactment against large crypto firms, including Binance and Coinbase. A tribunal besides forced the bureau to revisit its repeated rejection of spot Bitcoin ETFs earlier yet approving them successful January 2024. Gensler is set to measurement down arsenic SEC Chair connected Jan. 20, 2025.

Slams South Korea’s Bitcoin approach

Meanwhile, Ju’s comments besides included crisp criticism of South Korea’s broader attack to Bitcoin.

The CryptoQuant CEO suggested that a fig similar MicroStrategy’s Michael Saylor would look terrible ineligible challenges if helium operated successful South Korea owed to the country’s unfriendly stance toward the apical crypto.

He said:

“South Korea is not a Bitcoin-friendly country. It’s hard to promote companies oregon the govt to follow a Bitcoin treasury strategy erstwhile we don’t person politicians who genuinely recognize Bitcoin.”

Ju noted the disconnect among South Korea’s leaders contributes to this challenging environment. He said that the president lacks an knowing of Bitcoin, the FSC is openly hostile, and the Korean IRS focuses solely connected taxation, creating a fragmented attack to crypto regulation.

However, contempt the government’s hostile stance, South Korean citizens stay enthusiastic participants successful the crypto market. Domestic exchanges similar Upbit often fertile among the world’s apical platforms by trading volume, reflecting a vibrant section appetite for integer assets.

The station CryptoQuant CEO compares South Korea’s hostile Bitcoin stance to ‘Gary Gensler situation’ appeared archetypal connected CryptoSlate.