South Korea’s conservative People Power Party (PPP) is set to unveil a sweeping legislative proposal next week, dubbed the Digital Asset Promotion Basic Act.
The bill seeks to establish South Korea as a global blockchain leader and remove lingering regulatory uncertainty in its cryptocurrency sector.
The announcement follows recent statements from financial authorities indicating a loosening of previous restrictions. These moves reflect a broader strategy shift from caution to competitiveness in digital finance.
Kim Sang-hoon Calls for an End to Regulatory Paralysis
During a policy meeting, PPP policy chief Kim Sang-hoon argued that the country’s past regulatory-heavy approach repelled foreign investment and pushed domestic capital abroad. Kim emphasized the need for a transition from strict oversight to growth-oriented policy.
Calling digital assets “the gold of the 21st century,” Kim described crypto as a foundational pillar of the new economy. He urged the government to shed its hesitation and instead foster a regulatory environment that encourages innovation and long-term institutional support.
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Source: https://coindoo.com/south-koreas-people-power-party-pushes-new-bill-to-boost-crypto-sector/