[Special Stock] Ruling Party's "Virtual Market Promotion" Boosts Woori Technology Investment

[Asia Economy Reporter Ji Yeon-jin] Woori Technology Investment showed a strong performance, rising more than 4% during the trading session on the 11th following news of the establishment of the Digital Asset Committee aimed at easing virtual asset regulations.

On the same day, around 11 a.m., Woori Technology Investment recorded a price of 6,490 KRW, up 4.85% compared to the previous day.

With the recent recovery in Bitcoin prices and the ruling party's push to establish the Digital Asset Committee to foster the virtual asset market, this news appears to have driven up the stock price. Woori Technology Investment holds about an 8% stake in Dunamu, the operator of the virtual asset exchange Upbit.

Earlier, Yoon Chang-hyun, chairman of the People Power Party's Digital Asset Special Committee, stated in a media interview that the upcoming Digital Asset Committee is being planned as an independent administrative body with full authority over personnel, organization, and budget. The focus is on a triangular balance of ‘industry promotion, new business support, and investor protection.’ This takes into account that virtual assets possess both financial and tangible characteristics.

Yoon emphasized, “If we regulate too tightly like the Capital Markets Act by focusing only on financial attributes, market development, fostering, and promotion will not be possible. Learning from Japan’s experience where virtual assets were placed within the financial sector causing market stagnation, South Korea needs to position the regulatory body in a third zone slightly apart from the financial sector.”