South Korea’s ruling party to formalize digital asset committee following election

The ruling Democratic Party of Korea (DPK) plans to establish an official digital asset committee within the party, according to local news outlet News1. The committee currently operates under the party’s election campaign body, which supported South Korean President Lee Jae-myung's bid for office. Following Lee's election, the DPK will hold a party conference, after which the crypto committee is expected to be formally launched as an official party body. The new digital asset special committee will be responsible for shaping the party’s crypto-related policies. In addition, a similar committee is set to be formed under the president’s office, in line with President Lee’s campaign promises and as outlined in a draft of the proposed digital asset basic act.