According to ChainCatcher, the South Korean Democratic Party has established a 'Digital Assets Committee' ahead of the presidential election, concentrating cryptocurrency policy-making authority 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 restricts development and requires urgent reform.
The committee is drafting the 'Phase Two Bill' to establish a framework for digital assets, covering 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 issuing a Korean won stablecoin, while the Bank of Korea insists on early participation in discussions. The reform aims to attract support from young voters, with over 16 million people in South Korea already engaged in cryptocurrency trading.