According to ChainCatcher, the Democratic Party of Korea has established a 'Digital Asset Committee' ahead of the presidential election, concentrating the power of crypto policy-making in the presidential office. The committee's first meeting was held on May 13 in Seoul, bringing together legislators, government officials, and representatives from local exchanges. Chairman Min Byeong-deok stated that the 'one exchange one bank' system limits development and is in urgent need of reform.
The committee is drafting the 'Phase Two Bill' to establish a digital asset framework that encompasses regulatory innovation and user protection. Regulation of stablecoins has become a focal point of discussion, particularly regarding stablecoins pegged to the Korean won. Lee Jae-myung has proposed issuing a won-pegged stablecoin, while the Bank of Korea insists on early involvement in the discussions. The reforms aim to attract the support of young voters, with over 16 million people in South Korea already participating in crypto trading.