{"id":129152,"date":"2025-05-13T14:15:37","date_gmt":"2025-05-13T14:15:37","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129152"},"modified":"2025-05-13T14:15:37","modified_gmt":"2025-05-13T14:15:37","slug":"south-koreas-democratic-party-sets-up-digital-asset-committee","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129152","title":{"rendered":"South Korea\u2019s Democratic Party sets up \u2018Digital Asset Committee\u2019"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe largest political party in South Korea, the Democratic Party, has launched a Digital Asset Committee focused on developing cryptocurrency policies and promoting industry growth.<br \/>\nThe committee held its inaugural meeting at the National Assembly Members\u2019 Hall in Seoul on May 13, the local news agency News1 reported.<br \/>\nDuring its first meeting, the committee highlighted the importance of resolving regulatory uncertainty and addressing burning issues like stablecoin regulation amid the push for US-dollar stablecoins by the US government.<br \/>\nThe new committee joins similar organizations in South Korea, including the Virtual Asset Committee\u00a0launched\u00a0in late 2024 and another public-private crypto task force\u00a0introduced\u00a0in 2022, both initiated by the Financial Services Commission (FSC).<br \/>\nExchanges like Upbit and Bithumb involved<br \/>\nThe leadership of the Digital Asset Committee includes South Korean officials and politicians, such as National Assembly Chairman Min Byeong-deok, who joined the committee as chairman.<br \/>\nAdditionally, the organization features standing general election committee Chairman Yoon Yeo-joon, Muksanism Committee Chairman Maeng Seong-gyu, National Assembly member Kim Byeong-gi and former National Assembly Chairman Kim Jeong-woo.<br \/>\nDigital Asset Committee Chairman Min Byeong-deok, Yoon Yeo-jun, Maeng Seong-gyu and Kim Jeong-woo (from left to right). Source: News1According to a report by ChosunBiz, the committee will also include participation of executives from major local exchanges, including Upbit, Bithumb, Coinbit and Gopax.<br \/>\nCriticism of \u201cone-exchange, one bank\u201d rule<br \/>\nAt the opening meeting, committee Chairman Min expressed concerns regarding limitations of South Korea\u2019s current one-exchange-one-bank rule, implying that crypto exchanges are restricted to collaborating with only one lender.<br \/>\n\u201cThere are clear shortcomings to the one exchange, one bank principle,\u201d Min reportedly said, adding that the committee is working with regulators to resolve the issue.<br \/>\nThe chairman also mentioned discussions about which regulators should supervise the stablecoin industry and whether stablecoins should be subject to a licensing or reporting system.<br \/>\nRelated: South Korea presidential front-runner pledges to approve Bitcoin ETFs<br \/>\n\u201cThere is also a point of contention as to whether the Bank of Korea or the FSC should handle the regulation,\u201d he reportedly said.<br \/>\nThe news came shortly after a Bank of Korea executive expressed concerns over the issuance of the South Korean won-backed stablecoins.<br \/>\n\u201cStablecoin has a great impact on the implementation of central bank policies such as monetary policy, financial stability, and payment settlement,\u201d Bank of Korea\u2019s Koh Kyung-chul reportedly said at a conference on May 12.<br \/>\n\u201cThe negative impact on the central bank\u2019s policy implementation should be minimized by the central bank\u2019s practical intervention in the approval stage,\u201d he added.<br \/>\nMagazine: Finally blast into space with Justin Sun, Vietnam\u2019s new national blockchain: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/south-korea-digital-asset-committee-democratic-party?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe largest political party in South Korea, the Democratic Party, has launched a Digital Asset Committee focused on developing cryptocurrency policies and promoting industry growth. The committee held&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129152"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129152"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129152\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129152"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}