Jay Jeehan Kim, CEO at "HANBITCO", Crypto Exchange / Vice Chairman at Korea Blockchain Association & Head of Crypto Exchange Committee, gave an exclusive interview to Bitnewstoday, following recent events in South Korea. Recently, the Government of the country came up with the new classification, where “Cryptocurrency Exchange and Brokerage” is now a precise definition of a legal personality. This step brought some light to the regulative void, but the consequences are still unclear, as the authorities consider to make further steps while listening to the voices of the industry.
Q.: Thank you, Jay, for providing us more feedback from the market, as the regulation of the crypto industry is a hot agenda for now. So, in your opinion, what will be the consequences of the new classification? Does it create any barriers or this regulative activity is just positive, with no side-effects? Looking back, the strict policy of Japanese authorities regarding crypto exchanges made some of them cease their business while others decided to leave the country.
Jay: It’s hard to tell now about the future, but apparently I see a positive signal. The times of a very tough stance towards crypto have passed. We all remember the media reports about FIU and FSS inspections at commercial banks that offered trading accounts to crypto exchanges, these so-called AML-related actions. Nobody liked it, but I suppose, we had to go through it. Today, the new government is more friendly to the crypto sphere. I believe, they understand this is an industry they can’t reject. So, I think we will overcome all barriers.
Q.: It is said that the government is to collaborate with more than 160 market participants, using the global survey. Will this action somehow affect the decisions of the authorities regarding contention issues?
Jay: I didn’t see any public announcement in this regard yet. Well, such activities look like a good sign. But in the end, they might impose taxes. Still, I believe that our government has a genuine desire to understand the new industry.
Q.: What would be the balance in Asia concerning crypto sphere? For example, Thailand decided to regulate the crypto market severely while Singapore is more loyal and optimistic. Which side of the balance will South Korea eventually take?
Jay: It always depends on a stance, but the reasons are different. Sometimes fear is the driver, while investors lose their crypto, their money, they get angry and eventually turn to the government. This is not only about the cryptosphere. For example, China is strict on FX-trading, they claim the protection for investors in such a way. In my opinion, Korea will take steps toward a more loyal position. We see positive signs; I suppose the next step would be the adequate regulation of ICO. We are losing this market, for now, something needs to be done. We need to return this money, these projects to our country.
Q.: Thank you very much, Jay! As an outcome, please name the TOP-5 countries, which seem practically loyal to crypto industry for now. Where is the best place to do the crypto business?
Singapore. Austria and Switzerland are very positive. Then it’s the UK and United States of America. Well, that’s my opinion!
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