South Korea's Political Party Proposes Major Reforms in Virtual Asset Policies

According to PANews, South Korea's People Power Party has announced plans to abolish the 'one exchange, one bank' policy among other measures as part of its presidential election promises. The proposed virtual asset policy includes removing the current restriction that limits exchanges to partnering with only one bank, legalizing virtual asset trading for corporations and institutional investors, introducing a virtual asset spot ETF, advancing legislation for security tokens (STO), establishing a regulatory framework for stablecoins, drafting a Basic Law for Digital Asset Promotion, and developing an innovative virtual asset tax system. These initiatives aim to comprehensively reform the regulatory framework of South Korea's virtual asset market and promote the healthy development of the digital asset industry.