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South Korea's People Power Party is promoting the Digital Asset Promotion Act, aiming to revitalize the cryptocurrency industry.

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#Macro
The Block
618Words
Apr 24, 2025

South Korea's main right-wing party, the People Power Party (PPP), has announced plans to promote a new bill aimed at fostering the development of the local crypto asset industry. Kim Sang-hoon, former policy chief of the ruling party, stated that South Korea needs to end the "era of regulatory uncertainty" and usher in an era of digital asset promotion. He pointed out that the government's anti-money laundering policies have led to overregulation, hindering foreign investment from entering the local virtual asset market and causing domestic capital outflow. Kim Sang-hoon described crypto assets as a new asset class in the economy with the potential to become the "gold of the 21st century." The bill, named the "Basic Act on Digital Asset Promotion," is expected to be announced next Monday. South Korea's financial regulatory authorities are also working to relax strict regulations on cryptocurrencies, planning to gradually lift the ban on institutional investors investing in cryptocurrencies and considering allowing foreign investors to enter the local market. Additionally, the Financial Services Commission is promoting legislation related to stablecoin regulation, token listing, and information disclosure.

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