People Power Party "Digital assets, a stepping stone for South Korea's leap to a financial powerhouse"

The People Power Party announced plans to foster the digital asset (cryptocurrency) market to propel South Korea into a financial powerhouse.

On the 26th, Kim Jae-seop of the People Power Party attended the 'Digital Asset Market: From Institutionalization to Globalization' forum held in the First Seminar Room of the National Assembly in Yeouido, Seoul, saying, "While the younger generation feels a great sense of deprivation in the real estate market, digital assets are emerging as an alternative," and "We will quickly organize legal frameworks so that South Korea does not fall behind in the new financial market."

The forum was hosted by Kim Jae-seop of the Standing Committee on Political Affairs and Park Sang-hyuk of the Democratic Party of Korea.

Kim pointed out, "Even though there have been many discussions regarding digital assets since the 21st National Assembly, clear legislation related to digital assets has still not been enacted."

He emphasized that the core of digital asset legislation is balancing consumer protection and promoting innovation. Earlier, Kim had introduced the 'Digital Asset Market Integration Act' on behalf of the People Power Party.

Kim said, "(When proposing legislation) focusing only on consumer protection can hinder innovation, and conversely, focusing only on innovation can transfer risk to consumers," adding, "When proposing bills now, balancing the two perspectives is our top priority."

Song Eon-seok, the People Power Party floor leader who attended the event, assessed, "Recently, stablecoins (virtual assets whose value is linked to fiat currency) have emerged as a hot topic worldwide," and "digital assets are no longer just an issue for some investors."

In particular, Song predicted that digital assets, intertwined with the upcoming Fourth Industrial Revolution, could be a means to determine national competitiveness. He said, "Compared to other countries, South Korea has been assessed as having a weak financial sector so far, but if it secures leadership in the digital asset market, I believe South Korea can stand tall as a financial hub."