South Korea’s Democratic Party Launches Crypto Task Force
In a significant move to bolster the cryptocurrency and blockchain industries, the Democratic Party (DP) of South Korea has unveiled a specialized task force dedicated to developing innovative crypto policies. This initiative, announced on September 24 during a press gathering at the National Assembly, is aimed at cultivating growth within these burgeoning sectors.
Objectives and Leadership of the Task Force
Task force leaders indicated that their primary objective is to legislate in favor of business interests, with a target to pass new laws by year’s end. Six members of the committee, including Han Jeong-ae, the DP’s policy committee chair, have emphasized the importance of regulating stablecoins, although they are still in the process of refining the frameworks for token issuance and distribution.
This development is likely to be welcomed by South Korea’s cryptocurrency firms, as reports suggest that the new task force aims to shift the focus from the restrictive existing laws that prioritize operator regulation and user protection towards creating a more conducive business environment.
Heading the task force will be lawmaker Lee Jeong-moon, supported by Min Byoung-dug, who chairs the party’s Digital Asset Committee and advocates for a stablecoin-driven economic expansion. The task force intends to engage with government ministries and key financial regulatory bodies, including the Financial Services Commission and the Financial Supervisory Service, soliciting their input on prospective policies. Additionally, they hope to involve the Bank of Korea for its insights moving forward.
Engagement with Stakeholders
Furthermore, the group plans to establish discussions with stakeholders in the crypto space, such as exchanges and fintech firms, to form a panel of private sector advisors. Lee noted their ambition to introduce comprehensive crypto legislation during the year’s last National Assembly session.
Support for Legislative Changes
In advocating for these changes, Han praised the government’s recent decision to permit venture capital investments in cryptocurrency enterprises, believing it will invigorate the sector. Ahn Do-geol, another forward-thinking MP from the DP, conveyed that lawmakers have reached a consensus on numerous crypto-related topics, especially finding common ground on stablecoin policies, suggesting a rare bipartisan agreement on this issue.
