The largest political party in South Korea, the democratic party, has launched a digital asset committee dedicated to developing cryptocurrency policies and promoting industry growth.
The committee held the inaugural meeting at the National Assembly Members’ Hall in Seoul on May 13, the local News1 News1 agency reported.
During its first meeting, the committee emphasized the importance of resolving uncertainty in regulatory and addressing burning issues such as Stablecoin regulation amid Push for US-dollar stablecoins of the US government.
The new committee joins similar organizations in South Korea, including Virtual asset committee launched In late 2024 and another public-private Crypto work force introduced In 2022, both started by the Financial Services Commission (FSC).
Exchanges such as upbit and bithumb are involved
The leadership of the Digital Asset Committee includes South Korean officials and politicians such as the National Assembly Chairman Min Byeong-Deok, who joined the committee as chairman.
In addition, the organization features Standing General Election Committee Chairman Yoon Yeo-Joon, chairman of Mukanism Committee Maeng Seong-gyu, National Assembly member Kim Byeong-GI and former National Assembly chairman Kim Jeong-woo.
According to In a report by Chosunbiz, the committee will also include the participation of executives from major local exchanges, including upbit, Bithumb, Coinbit and Gopax.
Critical of the “One-Exchange, One Bank” rule
At the opening meeting, committee chairman Min expressed concerns about South Korea’s limits Current rule of one-exchange-one-bankindicating that crypto exchanges are restricted in collaboration with just one lender.
“There are clear shortcomings in an exchange, a bank principle,” Min said, adding that the committee was working with the regulators to resolve the issue.
The chairman also noted the discussions where regulators should be responsible for administering the Stablecoin industry and whether stablecoins should undergo a licensing system or a reporting system.
Related: South Korea Presidential Front-Runner has promised to approve Bitcoin ETF
“There is also a contention point if the Korean bank or the FSC should handle the regulation,” he reported.
The news came shortly after a Bank of Korea executive expressed concerns over South Korea’s release that won that Stablecoins supported.
“Stablecoin has a significant impact on implementing central bank policies such as financial policy, financial stability, and repayment settlement,” KOH KOHUN-CHUL of Korea reports Says at a conference on May 12.
“The negative impact on Central Bank’s policy implementation should be reduced by the Central Bank’s practical intervention at the approval stage,” he added.
Magazine: Finally exploded in space with Justin Sun, Vietnam’s new national blockchain: Asia Express
