The Democratic Party, South Korea's largest political party, launched a Digital Asset Committee to develop cryptocurrency policies and promote industry growth. The committee, led by National Assembly Chairman Min Byeong-deok, held its first meeting on May 13, 2025, in Seoul. It aims to address regulatory uncertainties, particularly around stablecoin regulation, and includes executives from major exchanges like Upbit and Bithumb. The committee criticized the "one-exchange, one-bank" rule, which limits crypto exchanges to partnering with a single bank, and is discussing whether the Bank of Korea or the Financial Services Commission should regulate stablecoins. This follows concerns from a Bank of Korea executive about the impact of won-backed stablecoins on monetary policy and financial stability.
