South Korea’s right-wing party pushes for new bill to boost cryptocurrency industry

According to Korean media Newsis, ChainCatcher reports that the main right-wing party in South Korea, the People Power Party (PPP), officially announced on April 25 that it will promote a new legislative bill called the "Digital Asset Promotion Basic Act" aimed at fostering the local cryptocurrency industry. The party's policy chief, Kim Sang-hoon, stated that South Korea needs to end the "era of uncertainty and regulation" and usher in a new era of digital asset promotion. He pointed out that excessive regulation has prevented foreign capital from entering the South Korean virtual asset market, and domestic capital is also flowing out. Meanwhile, the South Korean Financial Services Commission (FSC) is relaxing strict regulations on cryptocurrencies, including gradually lifting the ban on institutional investors investing in cryptocurrencies and considering allowing foreign investors to enter the local market. The details of the bill will be announced next Monday.