On September 29, CryptoQuant founder Ki Young Ju posted on X that as long as cryptocurrencies and Web3 are well regulated, they are not scams.
Ki Young Ju said: “Web3 enables borderless collaboration and value creation through token-based incentives, functioning more like a protocol than a company. This marks a revolution in the way humans collaborate. While multinational companies like Google employ hundreds of thousands of people, Web3 protocols may one day involve millions of people.
Scams do exist, just like in any financial sector, but this should not overshadow the huge potential of blockchain technology. With smart regulation, Web3 can be transformed into a stable, trusted space. With the right rules, Crypto and Web3 can thrive responsibly. One day, governments will make it happen.
The question is, how long will it take? That’s why I prefer politicians who are interested in crypto, even if some of their views are extreme. Without interest, nothing can be done and regulation won’t develop. That’s the situation in South Korea right now. I want politicians to be able to speak freely about crypto to drive progress.”