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CryptoQuant CEO compares South Korea’s hostile Bitcoin stance to ‘Gary Gensler situation’
CryptoQuant CEO suggests South Korean leadership overhaul is necessary for a more crypto-friendly environment.
2 min read
Updated: Nov. 27, 2024 at 2:15 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
Slams South Korea’s Bitcoin approach
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.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
CryptoQuant
CryptoQuant is a South Korean firm specializing in providing cryptocurrency market analytics and on-chain data to investors and industry participants.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Michael Saylor is the Executive Chairman, founder, and principal shareholder of MicroStrategy.