Source: Cointelegraph
Original: “South Korea's Democratic Party Establishes 'Digital Asset Committee'”

South Korea's largest political party, the Democratic Party, has launched a Digital Asset Committee focused on formulating cryptocurrency policies and promoting industry growth.

According to local news agency News1, the committee held its first meeting on May 13 at the National Assembly building in Seoul.

During the inaugural meeting, the committee emphasized the importance of addressing regulatory uncertainty and discussed urgent issues such as stablecoin regulation in the context of the U.S. government's push for a dollar-backed stablecoin.

This new committee joins the ranks of similar organizations in South Korea, including the Virtual Asset Committee set to launch by the end of 2024 and another public-private crypto task force initiated by the Financial Services Commission (FSC) in 2022.

The leadership of the Digital Asset Committee includes South Korean officials and political figures, such as National Assembly Speaker Min Byeong-deok, who serves as the committee chair.

Additionally, the organization includes Permanent Election Commission Chair Yoon Yeo-joon, Muksanism Committee Chair Maeng Seong-gyu, National Assembly member Kim Byeong-gi, and former National Assembly Speaker Kim Jeong-woo.

According to ChosunBiz, the committee will also include executives from major local exchanges such as Upbit, Bithumb, Coinbit, and Gopax.

At the opening meeting, Chair Min expressed concerns about the limitations of South Korea's current "one exchange, one bank" rule, implying that crypto exchanges are restricted to partnering with only one lending institution.

Reportedly, Min stated, "The one exchange, one bank principle has obvious flaws." He added that the committee is working with regulators to address this issue.

The chair also mentioned discussions regarding which regulatory body should oversee the stablecoin industry, and whether stablecoins should be subject to a licensing system or a reporting system.

He reportedly said, "There is also controversy over whether the Bank of Korea or the FSC should be responsible for regulation."

Shortly before this announcement, an executive from the Bank of Korea expressed concerns about issuing won-backed stablecoins.

According to reports, Koh Kyung-chul from the Bank of Korea stated at a meeting on May 12, "Stablecoins have a significant impact on the implementation of central bank policies (such as monetary policy, financial stability, and payment settlement)."

He added, "The negative impact on the implementation of central bank policies should be minimized through actual intervention by the central bank during the approval stage."

Related: Australia Appoints Crypto-Friendly Assistant Minister, Welcomed by Industry Executives

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