South Korea Forms Digital Asset Committee for Crypto Policy

The responsibilities of the committee will be to play a role in drafting pledges, driving legislation, and making frameworks for virtual assets. The Committee is centered on two main groups, i.e, the Industrial Innovation Growth Committee and the Policy and System Support Committee. The Democratic Party of South Korea revealed a Digital Asset Committee on May 13. The Committee will be dedicated to bringing crypto regulation directly to the office of the next president. On the same day, the committee held its first meeting at the National Assembly Members’ Hall in Seoul. Also, it is made under the election campaign arm of the party. News1, a news agency of S. Korea, reported that this step is taken in view that the digital assets are the main concern in the upcoming presidential election. The responsibilities of the committee will be to play a role in drafting pledges, driving legislation, and making frameworks for virtual assets, having early discussions aimed at the Basic Digital Asset Act, often called the Stage 2 Bill. The Two Prominent Committees The appointed chairman of the committee is Representative Min Byeong-deok, and he highlighted the vision by asserting that the target is to make the Digital Asset Committee directly under the president in order to have expertise and implement actual policies. The Committee is centered on two main groups, i.e, the Industrial Innovation Growth Committee and the Policy and System Support Committee. The Industrial Innovation Growth Committee is designed to focus on enhancing the leadership of the nation in the global digital economy, and will be chaired by Professor Kang Hyung-goo. On the other hand, the Policy and System Support Committee will focus on laws and regulatory frameworks, and will be chaired by Dr. Yoon Min-seop. Adding more to this, four subcommittees will focus on user protection, legal reform, industry growth, as well as external cooperation. After the decision of South Korea’s Democratic Party to establish a new committee, the Bank of Korea (BOK) is discussing who should oversee the stablecoin future of the nation. Stablecoins, mainly those pegged to the Korean won, have quickly become a major point of contention in the lead-up to the June 3 presidential election. Highlighted Crypto News Today: India Tightens Crypto Monitoring in Border and Sensitive Regions Source: https://thenewscrypto.com/south-korea-forms-digital-asset-committee-for-crypto-policy/