Despite the volatility in cryptocurrency prices earlier in the month, potential new regulations in the space were described as a step in the right direction.
“We welcome that,” said Cedric Jeanson, CEO of Bitspread, a bitcoin-focused market maker with offices in the U.S., Europe and Asia.
“What is really important for us is all the AML KYC (anti-money laundering and know your customer) regulation and that the processes on the exchanges actually fulfill those common, or natural, requirements … I think Korea is going to the right direction in this respect,” Jeanson told CNBC’s “The Rundown.”
He added that consultation was necessary in the process: “Somebody has to first throw the first stone, just to say: ‘What are you guys thinking on the market?’ And I think the answer has been overwhelming by Korean people, actually.”
Following the fall in bitcoin prices this year, which saw the cryptocurrency tumbling 50 percent from its December highs, many commentators on the space continued to sound positive.
For one, Fundstrat Global Advisors Founder Tom Lee said in a report last week that he saw bitcoin hitting $25,000 by the end of 2018.
Bitcoin was relatively stable during Asian afternoon trade on Monday, coming in around the $11,500 mark, according to industry site CoinDesk.
