According to ChainCatcher, the Democratic Party of Korea has established a "Digital Asset 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, gathering legislators, government officials, and representatives from local exchanges. Chair Min Byeong-deok stated that the "one exchange, one bank" system limits development and urgently needs reform.
The committee is drafting the "Phase Two Bill" to establish a digital asset framework 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 the issuance of a Korean won stablecoin, while the Bank of Korea insists on early participation in discussions. The reform aims to attract the support of young voters, with over 16 million people in Korea already participating in cryptocurrency trading.