According to ChainCatcher, the Democratic Party of Korea has established a 'Digital Asset Committee' ahead of the presidential election, centralizing crypto policy-making authority in the presidential office. The committee's first meeting was held on May 13 in Seoul, gathering lawmakers, government officials, and representatives from local exchanges. Chairman Min Byeong-deok stated that the 'one exchange, one bank' system restricts development and requires urgent reform.
The committee is drafting the 'Phase Two Bill' to establish a digital asset framework that covers regulatory innovation and user protection. Regulation of stablecoins has become the focus of discussion, especially regarding stablecoins pegged to the Korean won. Lee Jae-myung proposed the issuance of a Korean won stablecoin, while the Bank of Korea insists on early participation in discussions. The reform aims to attract young voters' support, with over 16 million people in Korea already participating in cryptocurrency trading.