South Korea's Major Right-Wing Party Pushes for New Legislation to Promote Cryptocurrency Industry Development

South Korea's major right-wing party, the People Power Party (PPP), officially announced on Friday that it will push for a new bill aimed at promoting the development of the local cryptocurrency industry. According to local news agency Newsis, former ruling party policy chief Kim Sang-hoon stated at a meeting that the country needs to end the "era of uncertainty and regulation" and usher in an era of digital asset promotion.

The report stated that Kim Sang-hoon said, "Due to the government's anti-money laundering efforts, overly regulatory policies have hindered foreign capital from entering the domestic virtual asset market," adding that domestic capital has also left the local market for the same reasons.