The Toburo Democratic Party, one of the two main political parties in South Korea, was created by the Committee on Digital Assets, which will deal with issues related to digital currencies of central banks (CBDC), cryptocurrencies and other virtual assets.

The Committee will be headed by the Chairman of the Democratic Party Min Byung-Duk, Congressman Kim Byung-Gi, who will become an adviser, and the former Governor of South Könsan Kim Jung Wu (Kim Jung-Woo), who will take the position of senior vice-chairman. On May 13, the Committee has already held its first meeting in Seoul.

The Committee was created in order to clarify the rules for regulating cryptocurrencies in South Korea, and reflect them in local legislation. Now the Korean rules do not fully reveal the potential of digital assets, and the uncertainty in the regulation of the industry forces cryptocurrencies and investors to go abroad in search of more favorable conditions for working with digital assets. Therefore, the Committee will work on the creation of laws that are better than the needs of crypto -investors.

The target group will consist of two units: the Committee on Industrial Innovation and Development, as well as the Committee on Policy and Support of Institutional Investors. The first will develop strategies for industrial innovations, where digital assets can be used. The second will focus directly on the development of regulatory rules for working with crypto actures. These two subcommittees will also be “divided” into units: user protection department, digital assets development department and external cooperation department.

The Committee will also focus on the introduction of stablecoin, secured by Korean volume, canceling banking restrictions for crypto companies – the so -called rule “One Exchange, One Bank”, and the expansion of the presence of South Korea in the world cryptocurrency market.

This initiative of the Democratic Party was implemented on the eve of the upcoming presidential elections in the country, which will be held on June 3, 2025. Initially, the elections were scheduled for March 2027, but they will take place two years earlier due to impeachment of President Yon Sok Yol (Youon Suk Yeol).

Recently, the presidential candidate of South Korea Kim Moon-Soo (Kim Moon-i) promised that if he wins the election, he would allow pension funds to invest in Bitcoin. Meanwhile, Korea Bank intends to tighten the regulation of stablecoins tied to South Korean wen.