KuCoin Plans South Korea Reentry After Regulatory Compliance
1min read KuCoin, a prominent cryptocurrency exchange, has announced its intention to reenter the South Korean market after being blocked due to regulatory compliance issues. The platform was among those affected by South Korea's crackdown on unregistered crypto exchanges, which began in March when regulators ordered google Play to block access to non-compliant exchanges. This was followed by a similar order from the Financial Services Commission (FSC) in April, directing the apple Store to block unregistered crypto exchanges.
Despite the setback, KuCoin has not abandoned its plans for the South Korean market. In an exclusive interview, KuCoin's newly appointed CEO, BC Wong, revealed that the exchange is strategizing to reenter the country. Wong emphasized that KuCoin's approach will involve securing compliance with major jurisdictions first, including the United States, the European Union, China, India, and potentially Australia, before focusing on South Korea.
Wong confirmed that KuCoin representatives have already begun discussions with South Korean regulators, highlighting the importance of a clear regulatory background in each jurisdiction. He noted that the regulatory environment has become stricter compared to three years ago, suggesting that this could be a strategic move by regulators to drive global players out of local markets and pave the way for domestic exchanges.
In addition to South Korea, KuCoin's EU CEO, Oliver Stauber, shared insights into the regulatory challenges faced in the European Union. Despite the implementation of the Markets in Crypto-Assets Regulation (MiCA), which aims to create a level playing field for crypto services across the EU, Stauber noted that some jurisdictions interpret the laws differently. This has led to difficulties in operating seamlessly across the bloc, as some jurisdictions may deem licenses as "wrongly assessed," complicating the process for compliant exchanges.
Stauber, who previously served as the chief legal officer of Bitpanda, emphasized that the regulatory landscape remains complex and messy, with some players not adhering to the rules. This situation underscores the need for clear and consistent regulatory frameworks to ensure fair competition and compliance within the crypto industry.
