South Korea’s Democratic Party sets up ‘Digital Asset Committee’
The Democratic Party of South Korea has established a Digital Asset Committee to develop cryptocurrency policies and foster industry growth. The committee's first meeting occurred on May 13 at the National Assembly, emphasizing the need to resolve regulatory uncertainties and address stablecoin regulations, particularly in light of U.S. government initiatives for US-dollar stablecoins. The committee includes prominent officials and politicians, such as chairman Min Byeong-deok, and executives from major exchanges like Upbit and Bithumb. Min criticized the existing one-exchange-one-bank rule, citing its limitations and the need for regulatory collaboration. Discussions are ongoing regarding which regulatory body should oversee stablecoins, with considerations for licensing versus reporting systems. Concerns were also raised by a Bank of Korea executive about the impact of stablecoins on monetary policy and financial stability, advocating for central bank intervention in the approval process.
