South Korean Ruling Party Launches Crypto Policy-Forming Task Force

The South Korean Democratic Party (DP) has launched a new crypto policy-making task force, vowing to “foster growth” in the crypto and blockchain sectors.

Per the South Korean media outlet Electronic Times, the ruling party said the task force would “create policies that spur future growth.”

South Korean Crypto Policy: Task Force Set to Meet Biz Leaders

At a press event at the National Assembly on September 24, task force members said they plan to pass pro-business legislation before the end of the year. Han Jeong-ae, the Chair of the DP’s policy committee, said:

“We need to establish a system that keeps pace with evolving trends in the new financial market. We are looking forward to stable and sustainable institutional innovation.”

The lawmaker Lee Jong-mun (right), the head of the Democratic Party’s new crypto task force, with President Lee Jae-myung (left) last month. (Source: @jongmun.lee.1/Facebook)

The new unit will initially focus its efforts on stablecoin legislation, with lawmakers still to finalize their token issuance and distribution plans.

But the DP’s plans will likely bring much cheer to South Korean crypto firms. The media outlet wrote that the lawmakers are “expected to focus on streamlining the system to foster industries.”

It added that it would move away from existing crypto laws, which focus primarily “on operator regulation and user protection measures.”

The lawmaker Lee Jeong-moon will head the task force. Members include the likes of Min Byoung-dug, the chairman of the party’s Digital Asset Committee and a vocal proponent of stablecoin-powered growth.

The lawmaker Min Byoung-dug (center), ahead of legislative elections last year. (Source: @anyangminbest/Facebook)

Task Force to Speak to Regulators, Central Bank

The task force has already asked ministries and the top financial regulators (the Financial Services Commission and the Financial Supervisory Service) to come forward with policy proposals.

The lawmakers have also asked the Bank of Korea to do likewise.

They also plan to hold talks with companies in the sector, such as crypto exchanges and fintech companies. The task force said it would form an advisory group comprised of private sector experts.

Lee said that the force’s goal was to roll out crypto-related legislation during the National Assembly’s final session of the calendar year. He explained:

“We will treat the digital asset market as a new paradigm for the financial markets. Our goal is to develop policies that will foster future growth.”

Han, meanwhile, lauded the government for its recent move to lift a ban on venture capital funding for crypto firms.

She said the move would help revitalize the industry, and added:

“We will communicate closely with the government and listen to and reflect diverse opinions from experts, financial institutions, crypto exchanges, and fintech companies.”

The lawmaker Ahn Do-geol, another DP MP with a pro-business stance on crypto policy, stated:

“The government must lead the way in financial innovation. We have already fallen a long way behind. We could miss out on the innovation and growth potential of the digital asset sector, including stablecoins.”

Ahn concluded that lawmakers have “formed a consensus” on many crypto-related matters, with a general “bipartisan agreement” on stablecoins now in place.

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