South Korea’s Democratic Party leader, Kim Byung-kee, is under investigation for allegedly pressuring crypto exchange Upbit’s operator, Dunamu, after his son got a job at a competitor, Bithumb. Kim reportedly raised concerns about Upbit’s monopoly status following Naver’s acquisition deal. Kim denies any wrongdoing, citing no influence over his son’s employment.

South Korea is still finalizing a stablecoin framework, unlike the US. Talks stalled in November over banks’ role in issuing won-backed stablecoins. The ruling party plans to introduce a new draft bill in January after missing a regulatory deadline.

Kim’s alleged actions have raised concerns about conflicts of interest, given his role in overseeing financial institutions. Bithumb defended its recruitment process as transparent and fair, emphasizing the need to address market monopolies in the crypto industry. Regulatory approval may be required for Naver’s acquisition of Dunamu.

Read more at cointelegraph.com: SK Politician Accused of Going After Exchange Amid Conflict of Interest