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.

People Power Party (PPP), a major right-wing political party of South Korea, officially announced Friday that it would promote a new bill aiming to promote the local crypto asset sector.According to local news agency Newsis, Kim Sang-hoon, policy chief of the former ruling party, stated during a meeting that the nation needs to end the "era of uncertainty and regulation" and usher in an age of digital asset promotion."Due to the government's anti-money laundering efforts, an excessively regulation-focused policy is preventing foreign capital from entering the domestic virtual asset market," Kim reportedly said, adding that domestic capital is also leaving the local market for the same reasons.Kim further called crypto an asset class of the new economy, with the potential to be the "21st-century gold" store of value."We hesitated, we were confused and unable to present a clear direction when faced with this new frontier," Kim said, according to the report. "We must now transition to efforts to actively foster and institutionalize digital assets."The details of the upcoming bill, named the "Digital Asset Promotion Basic Act," is reportedly set to be announced next Monday.South Korea's financial regulators are also making efforts to loosen strict rules on cryptocurrencies. The Financial Services Commission announced in January that it would gradually lift the ban preventing institutional investors from investing in cryptocurrencies.An FSC representative said earlier this month that it may consider opening the door to foreign investors to trade in the local market, which is currently restricted.In a related move, the FSC is actively pursuing legislation as a follow-up to the nation's first crypto regulatory framework, with a focus on stablecoin regulations, token listings and disclosure requirements.

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