According to the Korea Herald, the People Power Party of Korea announced that it will abolish the “one exchange, one bank” system for virtual assets and several other policies as a core commitment of its presidential election campaign. The virtual asset policy proposals put forward by the party mainly include: lifting the current restriction that “one exchange can only connect with one bank”; promoting the legalization of virtual asset trading for companies and institutional investors; introducing virtual asset Spot ETF; advancing legislation for security token (STO); establishing a regulatory framework for stablecoins; formulating the “Basic Law for Digital Asset Revitalization”; and constructing an innovative tax system for virtual assets among seven major measures. These policies aim to comprehensively reform the regulatory framework of South Korea’s virtual asset market and promote the healthy development of the digital asset industry.
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