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

The Democratic Party of Korea’s (DPK) Digital Asset Committee, tasked with spearheading the party's agenda on digital assets, officially launched on Wednesday.

The committee, a key component of the Central Election Strategy Committee, will be pivotal in formulating and executing the digital asset policy pledges made by presidential candidate Lee Jae-myung. This includes rolling out new types of financial instruments like stablecoins and virtual asset exchange-traded funds (ETFs).

Highlighting the pressing need for streamlining capital markets and propelling the nation's leap into the digital economy, the party underscored the urgency of addressing the issues raised by the candidates.

"Digital assets have become a key to innovation and an important asset for safeguarding economic sovereignty. But due to uncertainty in regulations and institutional gaps, our innovative corporations and investors are being driven to seek better environments in other countries," said Chairperson Yoon Yeo-jun during the Digital Asset Launch Meeting held at the National Assembly.

"The Democratic Party will resolve this issue in this presidential election."

Emphasizing the importance of core assets of future finance, such as stablecoins, non-fungible tokens (NFTs), and security token offerings (STOs), Chairperson Min expressed his expectation for the committee to play a significant role in creating growth opportunities by actively engaging in this domain and completing the transition into a global financial hub.

"We must quickly launch new financial instruments and services that the private sector is actively preparing for, such as stablecoins and virtual asset ETFs, and integrate them into our existing financial and economic systems to foster synergy," he added.

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.

"In the future, we will establish the Digital Asset Basic Law through the Digital Asset Committee and work to both protect investors and promote the industry. 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, and we will strive to operate it effectively," said Chairperson Min.

He added that since digital assets are a field that could develop in various ways, they will collaborate with experts from diverse domains to prepare policies that will enhance global competitiveness.

"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. I plan to introduce a product tentatively named ‘Future Savings for Youth’ that combines the advantages of savings products preferred by youths with the potential for high returns offered by virtual assets.” He also promised the introduction of the virtual asset spot ETF and an integrated surveillance system, reduction of transaction fees, and the implementation of a financial consulting program tailored for youths.