Ki Young Ju, the founder of CryptoQuant, emphasized on September 29 that cryptocurrencies and Web3 are not fraudulent under proper regulations. According to Ju, the borderless collaboration and value creation potential of Web3 can offer significant opportunities with the right regulations in place. He believes that with intelligently designed regulations, Web3 can become a trustworthy and stable environment.
The Potential of Web3
Ju noted that Web3 enables cross-border collaboration through token-based incentives. In his view, Web3 operates more like a “protocol” than a “company.” This presents a potential that could revolutionize humanity’s way of collaborating. While large global companies like Google employ hundreds of thousands, Web3 protocols might one day engage millions.
Acknowledging that fraud exists within the Web3 ecosystem, Ju stated that this should not overshadow the significant potential offered by blockchain technology. He argued that just as fraud can occur in any financial sector, it should not darken the future of this technology.
Regulations and Political Support
Ju advocates for intelligent regulations to ensure the success of Web3 and cryptocurrencies. He mentioned that a temporary slowdown might occur, but in the long term, this would allow the sector to harness its vast growth potential. With appropriate rules, cryptocurrencies and Web3 can develop responsibly.
Furthermore, Ju highlighted that politicians’ interest in cryptocurrency is crucial for advancing regulations. He pointed out the need for action on cryptocurrency regulations in South Korea, emphasizing that even extreme views from interested politicians could accelerate this process.
Ju concluded that without interest in cryptocurrencies, nothing would progress, and regulations would stagnate. He cited the situation in South Korea as an example, urging for more discussions around cryptocurrencies to bring the topic into the mainstream.
