South Korea’s largest political party, the Democratic Party, has launched a digital asset committee focused on developing cryptocurrency policies and promoting industry development.
The committee held its inaugural meeting in the hall of members of the National Assembly in Seoul on 13 May, local news agency News1 Informed,
During its first meeting, the committee highlighted the importance of resolving regulator uncertainty by the US government to resolve regulatory uncertainty and burning issues such as stabecoin regulation.
The new committee is included in similar organizations in South Korea, including the virtual asset committee. Launched At the end of 2024 and another public-private Crypto Task Force Pur: In 2022, both started by the Financial Services Commission (FSC).
Exchanges like upbit and biddhamb are included
The South Korean officials and politicians led by the Digital Asset Committee include the National Assembly President Min Bowng-Deok, who joined the committee as Chairman.
Additionally, the organization includes Yun-Joon, chairman of the general election committee, Maga Seong-GU, National Assembly member Kim Bayong-GI and former National Assembly Chairman Kim Jong -u.
According For a report by Chosunbiz, the committee will also include the participation of officials of the major local exchanges, including the upbit, Bithumb, Coinbit and Gopax.
Criticism of “One-Exchange, Forest Bank” Rules
In the initial meeting, the chairman of the committee Min expressed concern about the boundaries of South Korea’s current one-account-one-bank rule, which means the Crypto exchanges are banned only to cooperate with a lender.
“There are clear shortcomings for an exchange, forest bank theory,” Min said that the committee is working with regulators to resolve the issue.
The Chairman has also mentioned the discussion on which regulators should look after the Stabecoin industry and whether Stabecrims should be under licensing or reporting system.
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He said, “It should also be noted whether Korea or FSC should handle regulation or not.”
The news came shortly after an executive from the Bank of Korea expressed concern over the release of South Korean Won-Samicated Stabecrim.
“Stabelcoin has a great impact on the implementation of central bank policies such as monetary policy, financial stability, and payment disposal,” Koh Kung-Chul allegedly stated, Koh Kung-Chul of Korea. Said At a conference on 12 May.
“The negative impact on the Central Bank’s policy implementation should be minimized in the central bank’s approval phase,” he said, “he said.
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