South Korea’s ruling democratic party launches crypto task force

South Korea’s Democratic Party has introduced a new task force dedicated to cryptocurrency and blockchain ￰0￱ task force will foster growth in the crypto and blockchain sector by developing friendly ￰1￱ leaders unveiled the task force on September 24 in the National ￰2￱ promised much quicker action, even suggesting that the country might pass its first pro-crypto regulations by the end of ￰3￱ Jeong-ae, the policy committee chair, said South Korea needed a system to keep pace with global financial ￰4￱ added that they expected stable and sustainable innovation, noting that the first major focus would be stablecoin ￰5￱ token issuance and dissemination laws might be enacted even before the end of the ￰6￱ of the main arguments favoring this amendment is that it is required to spur investor interest and establish new business ￰7￱ Lee Jeong-moon will guide the task force’s ￰8￱ will work with Min Byoung-dug, the party’s Digital Asset Committee Chair, who has always insisted that stablecoins drive the next phase of financial ￰9￱ Democratic Party has offered a significant contrast to the previous laws, which focused on the exchanges’ activity and ensured that no user funds would be lost to ￰10￱ time, the party says it would instead like to see the industry grow while keeping a clear foundation for investor ￰11￱ force engages regulators and industry The lawmakers have reportedly cooperated with the most significant institutions, asking the ministries, the Financial Services Commission, and the Financial Supervisory Service to submit their proposals on what the new law should specifically contain.

A representative of the Bank of Korea has also been invited to share his outlook on the ￰12￱ task force seeks to involve the private sector, not just ￰13￱ are also expected to seek guidance from crypto exchanges, fintech startups, and venture capital ￰14￱ will also be a panel of advisors comprised of industry ￰15￱ Jeong-moon said they were seeking to consider the digital asset market as a new way for people to carry out ￰16￱ added that the focus was on policies that would generate future ￰17￱ DP has also expressed support for a ruling by the government to end the proscription of venture capital investments to crypto ￰18￱ say new funding could come soon to startups hamstrung by tight banking ￰19￱ Jeong-moon said they were seeking to consider the digital asset market as a new way for people to carry out ￰20￱ added that the focus was on policies that would generate future ￰21￱ balance innovation with caution South Korea’s push for pro-crypto laws comes as debate over stablecoins heats up, with lawmakers eyeing won-based tokens to rival dollar-backed ￰22￱ July, a similar bill allowing non-financial firms to issue won-denominated stablecoins was introduced in ￰23￱ was a huge step in opening Korea’s financial ￰24￱ the Bank of Korea has been ￰25￱ month, Deputy Governor Kim Woong-seok said regulated banks should be allowed to issue stablecoins ￰26￱ maintained that a more measured rollout would safeguard financial ￰27￱ central bank has subsequently established a crypto oversight unit to help coordinate ￰28￱ say the DP’s push for swift innovation could collide with the central bank’s conservative ￰29￱ months ahead may determine whether South Korea can reconcile growth and ￰30￱ Korea is one of the world’s most active crypto ￰31￱ among Asia’s top performers, South Korea boasts millions of retail investors who trade ￰32￱ government has frequently been repressive, but new measures indicate a move from simply policing and supporting the ￰33￱ the DP manages to push through new legislation by year-end, South Korea could be among the earliest major economies to enact a full-fledged stablecoin ￰34￱ only would this protect domestic firms, but it could also work to reinforce the country in the global digital ￰35￱ $50 free to trade crypto when you sign up to Bybit now