Lee Jae-myung government accelerates virtual asset policy... Party organization elevated, new direct presidential committee established

Doohyun Hwang

Summary

After the launch of the Lee Jae-myung government, it was announced that the Digital Assets Committee under the Democratic Party of Korea will be elevated to an official internal organization.
A presidential Digital Assets Committee will be newly established, and this committee will likely be composed of a majority of civilian members to focus on industry development and advancement.
The launch of this dedicated body signals a departure from regulation-centered policies, with a new focus on the mid- to long-term growth and institutional reform of the virtual asset industry.

With the inauguration of President Lee Jae-myung, the Digital Assets Committee under the Democratic Party of Korea's Election Countermeasures Committee is expected to be upgraded to an official internal party organization.

According to the industry on the 7th, the Digital Assets Committee under the party's election taskforce will be converted into a 'Special Committee on Digital Assets (tentative name)' under the central party through a party convention following the launch of the Lee Jae-myung administration. Moving beyond its previous role as a temporary taskforce, it is set to function as a permanent organization overseeing policies in the virtual asset sector.

As Min Byung-deok, a Democratic Party of Korea lawmaker currently leading the committee, is set to propose the Digital Assets Basic Act, the special committee is expected to play a pivotal role in policy coordination during the review and refinement process of the bill. Lawmaker Min has been leading policy initiatives for digital assets since the presidential campaign within Lee Jae-myung's camp.

Meanwhile, a separate 'Digital Assets Committee' directly under the President will also be established. This body is one of President Lee Jae-myung’s major campaign promises and is explicitly stated in the draft of the Digital Assets Basic Act.

According to the draft, the presidential Digital Assets Committee will be composed of around 20 members, including the Chair of the Financial Services Commission and a civilian chair, with the majority of members drawn from the private sector. This aims to shift away from a regulation-centered policy structure and focus on industry development and advancement.

Going forward, the committee will be responsible for deliberating and deciding on the mid- to long-term development direction and institutional improvement for the virtual asset industry. Until now, policy in this sector has been led by regulatory agencies such as the Financial Services Commission and the Financial Supervisory Service, but this marks the first time that a dedicated body for industry promotion will be established.