From Cointelegraph

May 13, 2025 9:00 am:

The largest political party in South Korea, the Democratic Party, has launched a Digital Asset Committee to develop cryptocurrency policies and promote industry growth. The committee held its inaugural meeting in Seoul, focusing on regulatory uncertainty and stablecoin regulation amid US government push for US-dollar stablecoins.

The new committee joins existing organizations in South Korea, including the Virtual Asset Committee launched in late 2024 and a public-private crypto task force introduced in 2022 by the Financial Services Commission (FSC). It includes South Korean officials and politicians like National Assembly Chairman Min Byeong-deok and former National Assembly Chairman Kim Jeong-woo.

According to a report by ChosunBiz, the Digital Asset Committee will involve executives from major local exchanges like Upbit, Bithumb, Coinbit, and Gopax. Committee Chairman Min expressed concerns about South Korea’s one-exchange-one-bank rule and discussed regulatory supervision of the stablecoin industry and whether stablecoins should be licensed or subject to reporting.

Bank of Korea’s executive Koh Kyung-chul recently expressed concerns about the impact of South Korean won-backed stablecoins on central bank policies. He emphasized the need for central bank intervention to minimize negative impacts on monetary policy, financial stability, and payment settlement. The committee is working with regulators to address these issues.

Read more at Cointelegraph: South Korea’s Democratic Party sets up ‘Digital Asset Committee’