Senior VP of Ripple Implores for Regulatory Changes in South Korea
Eric van Miltenburg, Senior VP of Ripple, recently had a call with The Korea Times imploring the need for cryptocurrency legislation that promoted the cryptocurrency market rather than hindering its growth. He believes that cryptocurrencies could propel South Korea into becoming a global economic powerhouse.
Last Fall, South Korea banned all ICOs and handed down a slew of cryptocurrency regulations and enforcements, including audits of several major Korean exchanges. Since the ban, several cryptocurrency and blockchain companies have moved to countries with laxer rules regarding digital assets, such as Singapore, Malta, and Switzerland. By reversing some of the regulations, van Miltenburg believes that South Korea could become the largest player in the crypto space – it currently sits in 3rd place between Japan and the United States, even with the strict regulations – which would greatly stimulate the countries economy.
Because of the exodus of blockchain talent and economy, South Korea has taken steps to reverse the ICO ban, including re-classifying Bitcoin as an asset and allowing exchanges to run with less oversight.
Ripple reinforced the partnerships that Ripple has in the country, including Korea University, one of the nation’s oldest and most prominent institutions of higher education and research. The university has established a blockchain security research center with Ripple as one of its partners.