The People Power Party of South Korea announced that it will abolish the "one exchange, one bank" system for virtual assets as a core commitment for the presidential election

According to ChainCatcher news, the Korea Herald reported that the People Power Party of Korea announced it would abolish several policies, including the "one exchange, one bank" system for virtual assets, as a core commitment for the presidential election.

The virtual asset policy proposal put forward by the party mainly includes: lifting the current restriction of "one exchange limited to one bank"; promoting the legalization of virtual asset trading for businesses and institutional investors; introducing virtual asset spot ETFs; advancing legislation for security token offerings (STO); establishing a regulatory framework for stablecoins; formulating the "Basic Law for the Revitalization of Digital Assets"; and constructing an innovative tax system for virtual assets, among seven major measures.

These policies aim to comprehensively reform the regulatory framework of Korea's virtual asset market and promote the healthy development of the digital asset industry.