According to ChainCatcher, as the presidential election on June 3rd approaches, the Korean Democratic Party is making cryptocurrency regulation one of its core campaign issues, establishing a "Digital Assets Committee" aimed at centralizing digital asset policy-making power in the presidential office.The committee held its first meeting on May 13th in the Seoul National Assembly, bringing together legislators, government officials, and representatives from local exchanges such as Upbit, Bithumb, Coinbit, and Gopax.Committee Chairman Min Byeong-deok stated that the current "one exchange, one bank" system restricts the development of crypto businesses and urgently needs reform.
The committee is drafting a key legislation called the "second-stage bill" aimed at establishing a digital asset framework for South Korea, covering regulatory innovation and user protection.Additionally, stablecoin regulation has become a focal point of discussion, especially those pegged to the Korean won.Democratic Party presidential candidate Lee Jae-myung advocates for a quick market launch and proposes issuing a Korean won stablecoin.However, the Bank of Korea (BOK) insists that it must be involved in early-stage discussions to prevent instability in national monetary policy.
This reform aims to promote the crypto industry's development and attract support from young voters.Reports indicate that over 16 million people in South Korea have already participated in cryptocurrency trading.
