In a significant move indicating its resilience and strategic foresight, cryptocurrency exchange KuCoin is gearing up to reenter the South Korean market after facing regulatory hurdles that led to the blocking of its platform in the country. The exchange was adversely affected by South Korean regulations prohibiting access to unregistered crypto trading platforms on prominent app stores, including Google Play and Apple Store.
During a recent interview with Cointelegraph, BC Wong, the newly appointed CEO of KuCoin, outlined the exchange’s roadmap for reestablishing its presence in South Korea. According to Wong, before KuCoin can resume operations in South Korea, it aims to secure full compliance with key jurisdictions worldwide. He stated, “The resource is there. We need to go one by one. Our strategy will always be that major jurisdictions come first, which means the United States, EU, China, India, and maybe after that, Australia.”
Wong emphasized that the dialogue with regulators has commenced, highlighting the increasing complexity of the crypto regulatory landscape. He noted the significant differences compared to three years ago, suggesting that current regulations might be driving global players away from local markets. “I’m not so sure that if the regulators’ intention is to regulate the global market or just simply wanting to pave the way for their domestic exchanges,” Wong remarked, shedding light on the intricate dynamics at play.
In addition to challenges in South Korea, Oliver Stauber, the newly appointed CEO for the EU division of KuCoin, shared insights regarding regulatory challenges in the European Union. Despite the enactment of the Markets in Crypto-Assets Regulation (MiCA), Stauber indicated that inconsistencies in interpretation across jurisdictions complicate operations for crypto exchanges. He elaborated, “MiCA was said to have a level playing field in crypto all over Europe. However, as long as there are players who are not playing by the books, it’s getting quite messy and difficult.”
In conclusion, as KuCoin navigates through these regulatory complexities, the exchange’s commitment to compliance and dialogue with regulators outlines a proactive approach. As the cryptocurrency landscape continues to evolve, KuCoin’s strategies will play a pivotal role in determining its success in reestablishing and expanding its operations within South Korea and beyond.
