One of the senior executives of Upbit, South Korea’s market-leading crypto exchange, has spoken out in support of new crypto laws both at home and overseas, claiming that while they may create more short-term pain in the markets, the business would gain in the long run.
Kim Young-bin, the Chief Legal Officer (CLO) of Dunamu, Upbit’s operator, made the remarks. With Seoul moving toward the adoption of a new bill to govern the business and the European Union drafting its own markets in crypto-assets (MiCA) plan, he predicted that crypto was about to enter an era of transformation.
According to the South Korean media outlet Economist, Kim said:
“This is a transitional period, whereby cryptoassets are entering the institutional systems in the markets of developed economies.”
The CLO was speaking at the Upbit Developer Conference (UDC) 2022, which is now taking place in Busan, South Korea, at the Busan Port International Exhibition and Convention Center. Kim went on to say that the modifications will benefit the blockchain ecosystem in the long run.
Kim also stated that additional regulation would produce a short-term dip in the business, but that the remaining uncertainty will be overcome by crypto’s absorption into the financial system.
At the moment, all types of domestic token issuing are illegal in South Korea, but the government has indicated that it is willing to lift the restriction, which was imposed in 2017. The government’s soon-to-be-released measure will almost certainly address the issue of regulated STOs.
Upbit and other crypto players wanted to create STO-related businesses in order to address the demands of numerous crypto-interested domestic enterprises.
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