CryptoQuant CEO calls for smart regulation as Web3 debates continue

Ki Young Ju, CEO of CryptoQuant, has emphasised the need for “smart regulation” to support the long-term growth of Web3 and the cryptocurrency sector.

In a post on September 29, Ju argued that regulation is essential for curbing scams, building trust, and fostering responsible development in the industry.

According to Ju, Web3 has the potential to enable “borderless collaboration,” functioning more like a protocol than a corporation.

He compared it to global corporations like Google, which employ hundreds of thousands of people, suggesting that Web3 could one day involve millions.

However, he acknowledged that scams have tarnished the industry’s reputation and that a regulatory framework is needed to address these issues.

“Crypto and Web3 can thrive responsibly with the right rules,” Ju said.

He further noted that governments will eventually regulate the space, but the timeline remains uncertain.

The response from the crypto community to Ju’s call for regulation has been divided.

While some participants agreed with the need for oversight, others expressed concerns about the potential impact on profits and the centralisation of control.

One user argued that regulation would limit the “huge profits” available in crypto, while another sarcastically remarked that giving control to regulators could result in stifling innovation and limiting freedom.

Critics also raised concerns about the centralisation of regulation, suggesting that monopolies could emerge, hindering competition.

Some voices within the community advocated for self-regulation as an alternative to government oversight.