The Democratic Party speeds up legislation of digital assets… Discussion on establishing the 'Korea Digital Asset Exchange'

The Democratic Party of Korea emphasized the need to accelerate revisions of laws and systems to institutionalize the digital virtual asset industry.

According to the industry on the 30th, Jeon Hyun-heui, a member of the Democratic Party of Korea, stated at a policy discussion of the Digital Virtual Asset Economy Committee held at the National Assembly Members' Office Building, "Digital assets possess as much economic function and value as physical assets, but repeated abuse continues due to insufficient legal guidelines and institutional infrastructure," adding, "Swift and systematic reforms are urgently needed for digital assets to establish themselves within a sound and transparent economic system."

Shin Hyun-dong, president of the Korea Digital Asset Economy Association, proposed, "The Republic of Korea boasts many young talents with a competitive edge in the CoinTech industry based on ICT, AI, and blockchain," and "A Korea Digital Asset Exchange should be established, with participation from specialized companies, local governments, financial institutions, and global exchanges, to form a digital asset ecosystem." He added, "If the CoinTech industry and the exchange serve as dual engines, it could also create 100,000 youth jobs."

Lee Han-joo, head of the Election Committee’s Policy Headquarters, said, "While the virtual asset industry has high global growth potential, development in Korea is blocked by regulations. Even now, we must actively foster it so that Korea can leap forward as an economic powerhouse globally."

Meanwhile, the discussion was attended by Jeon Hyun-heui, Shin Hyun-dong, Lee Han-joo, Han Dong-soo (Senior Vice-Chairman), An Min-seok (Chairman of the Future Autonomy Education Committee), Park Jun-ho (head of the Stablecoin Research Group), and other officials to share ways to institutionalize and build policy foundations for the digital asset industry.

It was also revealed that the Democratic Party is recently pushing for the establishment of a new 'Korea Digital Asset Exchange' headquartered in a major metropolitan city. According to the political community, the plan under discussion involves forming a consortium with metropolitan local governments, commercial financial institutions, and global virtual asset (cryptocurrency) exchanges to operate the exchange through decentralized equity ownership.