With the launch of the Lee Jae-myung government on the 4th, the Democratic Party's Election Management Committee's Digital Asset Committee is expected to be reborn as an official party organization. The Digital Asset Basic Law is also expected to gain momentum in passing and implementation.
According to the blockchain industry on the 8th, the Digital Asset Committee under the party's election committee will be elevated to the Digital Asset Special Committee under the Democratic Party following President Lee Jae-myung's election.
The committee will take on the role of a policy organization within the party regarding virtual assets. In particular, since Democratic Party lawmaker Min Byung-deok, who serves as the Digital Asset Committee chair, is about to propose the Digital Asset Basic Law, the committee's role is expected to be significant in supplementing the law's content and expediting its implementation.
A Presidential Digital Asset Committee is also planned to be established. This was part of the president's campaign promise and is included in the draft Digital Asset Basic Law. According to the draft, the Presidential Digital Asset Committee will be composed of around 20 members, including the Financial Services Commission chairman and two private committee chairs, with the goal of having private members constitute more than half of the total members.
The Presidential Digital Asset Committee is predicted to serve as a deliberative and decision-making body for nurturing and promoting the virtual asset industry. Until now, there have only been agencies regulating the virtual asset industry, so this marks the first establishment of an organization for industry promotion.
Lawmaker Min issued a commentary on the 2nd, stating, "The global digital asset regulatory trend is moving towards actively utilizing private sector innovation while ensuring stability through transparent supervision" and "Korea must align with this trend."
Meanwhile, the virtual asset industry is paying attention to whether the president's other virtual asset-related campaign promises will be pursued, in addition to the establishment of an industry promotion organization and the basic law's enactment. The president's virtual asset-related campaign promises include △allowing virtual asset spot ETFs △issuing won-denominated stablecoins △reducing virtual asset transaction fees △expanding token security (ST) business opportunities.
