"Global virtual asset regulation must resolve fragmentation... Mutual recognition framework needed" [Eastpoint: Seoul 2025]

Suehyeon Lee

Summary

At the global Web3 conference 'Eastpoint: Seoul 2025', the biggest challenge for the virtual asset market was reported to be the fragmented regulations that differ by country.
Acting Chair Caroline Pham of the CFTC said that through a mutual recognition framework, an entity authorized in one country should be able to operate in other countries without separate procedures.
Industry leaders emphasized that reasonable regulation and proactive action are important for countries like Korea to seize opportunities in the global virtual asset market.

(From left) Caroline Pham, Acting Chair of the CFTC; Kevin Bun, Mysten Labs chairman; Rahul Advani, Ripple Global Policy Co-Head; Katie Mitchell, Coinbase APAC Head of Policy, are taking part in a panel discussion at the global Web3 private conference 'Eastpoint: Seoul 2025' held on the 22nd at the Grand Hyatt Seoul in Yongsan-gu, Seoul / Photo = Hwang Duhyun, Bloomingbit reporter

As virtual asset (cryptocurrency) regulations are being established worldwide, Web3 leaders said mutual recognition among authorities is needed due to differing regulations across countries.

At the global Web3 private conference 'Eastpoint: Seoul 2025' held on the 22nd at the Grand Hyatt Seoul in Yongsan-gu, Seoul, Caroline Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC); Kevin Bun, CEO of Mysten Labs; Katie Mitchell, Coinbase Asia-Pacific (APAC) Head of Policy; and Rahul Advani, Ripple Global Policy Co-Head, held a panel discussion on the regulatory situations in each country. At the event, industry leaders commonly agreed that resolving fragmented regulations is the most urgent task.

Acting Chair Pham said in the panel discussion, "The greatest challenge in the virtual asset market is resolving fragmented regulations across countries," and added, "To that end, a 'mutual recognition framework' is needed so that an entity authorized under one country's regulations can operate in other countries without separate procedures."

Co-Head Advani particularly reviewed the differing regulatory situations of Asian markets by country. He said, "Singapore and Hong Kong are progressive, while Japan and Korea are only now accelerating legislation. However, the regulatory differences by country are large, making it difficult to unite the Asia-Pacific region as a whole," and emphasized, "To resolve this, mutual cooperation among national regulatory authorities is necessary."

Mr. Bun and Head Mitchell presented directions for how the Korean market should proceed amid fragmented regulations. Mr. Bun advised, "Reasonable regulation is a catalyst for economic prosperity. Regulators worldwide, including Korea, should strive to enable activities on the global stage through reasonable regulation."

Head Mitchell also diagnosed, "Markets in the Middle East as well as Asia now have regulatory frameworks. What is needed now is a vision to use virtual assets as a national economic growth strategy," and said, "If Korea also acts aggressively, it could seize opportunities."