The South Korean right-wing party promotes a new bill to boost the development of the cryptocurrency industry

ChainCatcher news, according to South Korean media Newsis, the main right-wing party in South Korea, the People Power Party (PPP), officially announced on April 25 that it will promote new legislation called the "Basic Law for the Promotion of Digital Assets," aimed at fostering the development of the local cryptocurrency industry. The party's policy chief, Kim Sang-hoon, stated that South Korea needs to end the "era of uncertainty and regulation" and usher in a new era of digital asset promotion. He pointed out that excessive regulation has prevented foreign capital from entering the South Korean virtual asset market, and domestic capital is also fleeing. Meanwhile, the Financial Services Commission (FSC) of South Korea is relaxing strict regulations on cryptocurrencies, including gradually lifting the ban on institutional investors investing in cryptocurrencies and considering allowing foreign investors to enter the local market. Details of the bill will be announced next Monday.