Announcement of Seven Key Virtual Asset Initiatives Ahead of June 3 Presidential Election on April 28
Special Committee on Virtual Assets to Be Established Under Presidential Candidate’s Direct Supervision
On April 28, the People Power Party announced its virtual asset policy pledges, including the abolition of the 'one exchange, one bank principle' and the introduction of spot virtual asset ETFs. This is seen as a strategy to win the support of 16 million investors ahead of the June 3 presidential election.
Park Sumin, floor spokesperson for the People Power Party, stated at the Emergency Response Committee meeting held at the National Assembly that day, "The People Power Party promises seven key initiatives to foster Korea's digital asset ecosystem, aiming to become a G2 in the global digital asset market." She added, "Recently, global competition for leadership in the digital asset market has intensified, especially with the launch of the Trump administration in the United States, as well as in Europe and Singapore. Now, it is time for Korea to take action."
Kwon Youngse, Emergency Response Committee Chairman of the People Power Party, is speaking at the Emergency Response Committee meeting held at the National Assembly on April 28, 2025. Photo by Kim Hyunmin
The People Power Party presented seven key initiatives: abolition of the one exchange, one bank principle; institutionalization of corporate and institutional virtual asset transactions; allowing spot virtual asset ETF trading; legalization of token securities (STO); establishment of a regulatory framework for stablecoins; enactment of a basic law for digital asset development; and the establishment of a groundbreaking taxation system.
Regarding the 'one exchange, one bank principle,' spokesperson Park said, "It is highly restrictive that virtual asset trading cannot be conducted through the bank of one's choice," and added, "This has led to requests for bank partnerships being concentrated on specific exchanges, thereby entrenching monopolistic practices in the virtual asset trading market."
She also stated, "Non-profit corporate transactions will be opened promptly starting from the second quarter of this year," and explained, "We will complete institutionalization within this year so that a total of 3,500 corporations and institutions, including 2,500 listed companies and 1,000 professional investment corporations, can participate in the market without restrictions."
Regarding spot virtual asset ETFs, she promised, "We will fully open the door to spot ETFs within this year so that outdated regulations by the authorities do not hinder the growth opportunities of virtual assets."
In addition, the party plans to establish a legal foundation for token securities (STO) to secure market trust and protect investors. A regulatory framework for stablecoins that meets global standards will also be introduced.
Furthermore, the party explained that it will enact a basic law for digital asset development to advance and globalize the digital asset market, and will establish a groundbreaking taxation system that reflects the reality that the majority of investors are small-scale investors.
Choi Boyoon, a member of the People Power Party, stated, "We will work to resolve the issue of monopolistic practices in the domestic virtual asset exchange market and consider ways to promote the globalization of domestic exchanges." He added, "Once security measures related to anti-money laundering are in place, we will also actively consider opening the borders for virtual asset trading so that overseas customers can freely trade through domestic exchanges."
To implement these seven key initiatives, the People Power Party has decided to establish a Special Committee on Virtual Assets under the direct supervision of its presidential candidate. The committee plans to pursue the institutionalization of virtual assets, the creation of an innovation base for the industry, and the restoration of investor trust.
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