The Democratic Party of South Korea has established a new Digital Asset Committee aimed at developing cryptocurrency policies and fostering industry growth. The committee's inaugural meeting took place on May 13 at the National Assembly in Seoul, where members discussed the need to resolve regulatory uncertainties affecting the cryptocurrency landscape, particularly in light of U.S. regulations. The committee will also consist of executives from major exchanges like Upbit and Bithumb. Chairman Min Byeong-deok expressed concerns over the existing 'one exchange, one bank' rule which limits exchanges to partnerships with only one financial institution. Discussions also involved clarity on which regulatory bodies should oversee the stablecoin market and whether a licensing system is necessary. This initiative is part of broader efforts in South Korea to align regulatory frameworks with industry needs following similar initiatives by the Financial Services Commission in past years.

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