The Digital Asset Committee under the Democratic Party of Korea Central Election Strategy Committee officially launched on 13th. It is an organization responsible for digital asset policies, focusing on the modernization of capital markets and the leap into the digital economy, as promised by presidential candidate Lee Jae-myung, including stablecoins and virtual asset exchange-traded funds (ETFs).
Chairperson Yoon Yeo-jun noted during the 'Digital Asset Launch Meeting' held at the National Assembly on the morning of the same day that 'digital assets have become a key to innovation and an important asset for safeguarding economic sovereignty; however, the uncertainty in regulations and institutional gaps has forced innovative corporations and investors to seek better environments elsewhere,' and stated, 'The Democratic Party will address these issues in this presidential election.'
The chairperson emphasized, 'We must actively embrace core assets of future finance, such as stablecoins, non-fungible tokens (NFTs), and security token offerings (STOs), and leap forward as a global financial hub,' and added, 'I expect the Digital Asset Committee to play a significant role in creating growth opportunities.'
The chairperson is National Assembly member Min Byung-deok, who is part of the National Assembly's Political Affairs Committee. Min previously unveiled the draft of the Digital Asset Basic Law bill on 24th of last month. The bill includes provisions for clear industrial regulations and promotion, such as the licensing system for stablecoins, defining and fostering the digital asset industry, the establishment of the Digital Asset Committee, the reporting system for issuances, and the separation of issuance and distribution disclosures.
Chairperson Min stated, 'In the future, we will establish the Digital Asset Basic Law through the Digital Asset Committee and work to protect investors and promote the industry,' adding, 'We will clearly define the concept of digital assets in the basic law and establish a Presidential Committee on Digital Assets to secure the autonomy and transparency desired for digital assets.'
He further remarked, 'Since digital assets are a field that could develop in various ways, we will collaborate with experts from diverse domains to prepare policies that enhance global competitiveness,' adding, 'Our goal is to secure a position among the major G2 countries in the new financial market.'
The committee will include officials from major domestic exchanges such as Upbit, Bithumb, Coinbit, and Gopax, along with experts like Do Kyu-sang, head of the Economic Research Institute at Samjong KPMG, Lee Ho-dong, special professor at Sogang University, Choi Seong-rak, head of SR Economic Research Institute, and Ryu Yang-hoon, former judge of the Office for Government Policy Coordination.
They are expected to take on the role of concretizing the virtual asset-related policies promised by candidate Lee. Earlier, on 6th, Lee stated, 'I will assist youths in forming stable assets through virtual asset investments,' promising the introduction of the tentatively named 'Future Savings for Youth,' the introduction of a virtual asset spot ETF and an integrated surveillance system, reduction of transaction fees, and the implementation of a financial consulting program tailored for youths.