People Power Party Pledges Bitcoin Boost With Policy Overhaul

South Korea's People Power Party has introduced a comprehensive set of policies aimed at enhancing the Bitcoin and digital asset ecosystem within the country. A key component of these policies is the pledge to repeal the contentious crypto exchange banking law, should their candidate secure victory in the upcoming presidential elections scheduled for June. This decision is part of a larger strategy to foster the healthy growth of the digital asset market and to attract foreign investment, which has been hindered by ambiguous regulations and excessive restrictions.

The party has also announced its intention to advocate for the enactment of the "Basic Law on Digital Assets." This proposed legislation is intended to systematically manage and promote the digital asset market, striking a balance between investor protection and industrial innovation. The party's policy committee chairman, Kim Sang-hoon, underscored the significance of institutionalizing virtual assets as a crucial element of the new economy. The detailed policies are slated to be officially unveiled by Congressman Park Soo-min on April 29.

These initiatives by the People Power Party are viewed as a substantial move towards establishing a more conducive regulatory framework for digital assets in South Korea. By addressing the concerns of foreign investors and promoting innovation, the party seeks to establish South Korea as a prominent player in the global digital asset landscape. The proposed regulatory changes are anticipated to draw more investment and stimulate the growth of the digital asset industry, which has previously faced challenges due to regulatory uncertainties.