South Korea’s National Power Party will abolish the “one exchange, one bank” system for virtual assets as a presidential election promise

PANews reported on April 28 that according to the Korea Economic Herald, report the People Power Party of Korea announced that that abolseveral policies, including the "one exchange, one bank" system for virtual assets, as core commitments of their presidential election campaign. The party's virtual asset policy proposal mainly includes: canceling the current of "one exchange can only connect to one bank"; promoting the legof virtual asset trading for enterprises and institutional investors; introducing virtual asset spot ETFs; advancing legislation for security token (STO); establishing a stablecoin regulatory framework; formulating the "AssetItalization Promotion Basic Law"; and construct"; virtual system, among seven major measures. These policies aim to comprehensively reform South Korea's virtual asset market regulatory framework and promote the healthy development of the digital asset industry.