CryptoQuant CEO compares South Korea’s hostile Bitcoin stance to ‘Gary Gensler situation’ People 5 hours ago

CryptoQuant CEO Ki Young Ju has raised concerns about South Korea’s readiness to approve spot Bitcoin exchange-traded funds (ETFs).In a Nov. 26 post on X (formerly Twitter), Ju compared the regulatory climate in South Korea to the contentious stance of the US Securities and Exchange Commission (SEC) Chair Gary Gensler, suggesting that such an environment might delay ETF approval.South Korea’s Financial Services Commission (FSC) has stepped up its restrictive policies by rejecting ETFs linked to digital assets. This approach has led to skepticism about the future of the current regulatory framework without a leadership overhaul.Ju stated:“I’m very skeptical it will move forward until the regime changes and the head of the Korean SEC is replaced. We’re in a Gary Gensler situation.”Gensler, a polarizing figure in the crypto world, is known for his stringent approach to overseeing digital assets. Under his leadership, the SEC pursued legal action against major crypto firms, including Binance and Coinbase. A court also forced the agency to revisit its repeated rejection of spot Bitcoin ETFs before finally approving them in January 2024. Gensler is set to step down as SEC Chair on Jan. 20, 2025.Meanwhile, Ju’s comments also included sharp criticism of South Korea’s broader approach to Bitcoin.The CryptoQuant CEO suggested that a figure like MicroStrategy’s Michael Saylor would face severe legal challenges if he operated in South Korea due to the country’s unfriendly stance toward the top crypto.He said:“South Korea is not a Bitcoin-friendly country. It’s hard to encourage companies or the govt to adopt a Bitcoin treasury strategy when we don’t have politicians who truly understand Bitcoin.”Ju noted the disconnect among South Korea’s leaders contributes to this challenging environment. He said that the president lacks an understanding of Bitcoin, the FSC is openly hostile, and the Korean IRS focuses solely on taxation, creating a fragmented approach to crypto regulation.However, despite the government’s hostile stance, South Korean citizens remain enthusiastic participants in the crypto market. Domestic exchanges like Upbit often rank among the world’s top platforms by trading volume, reflecting a vibrant local appetite for digital assets.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam Wright is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that decentralized technology has the potential to make widespread positive change. Join our X community for real-time crypto news and expert insights.South Korea’s success in reclaiming stolen crypto marks a breakthrough in combatting North Korean cybercrime.The prohibition follows a larger ban on crypto ETFs effective since 2017 due to the South Korean’s Capital Markets Act.Blurred IDs and potential fines loom over South Korea’s largest crypto exchange in KYC compliance debacle.More than 15,000 investors affected by fraud involving 28 virtual assets in complex scheme led by influential YouTuber.Eric Balchunas believes that over 40 altcoin-related ETF listings can happen by the end of January.High-crypto areas see 250% increase in mortgages as low-income families leverage digital windfalls, Treasury report shows.Bitcoin sharp upside left no time for supply to change hands, creating an “air gap” region below $88,000.The ETP uses market cap weighting to give balanced and simplified exposure to Bitcoin and Ethereum to investors.CryptoSlate’s latest report dives deep into Polymarket’s evolution, its pivotal role in high-stakes prediction events like US elections, and the implications of its controversies on its market position.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.