South Korea’s leading right-wing political party, the People Power Party (PPP), has announced plans to introduce a new crypto law aimed at promoting the country’s crypto sector. The bill titled, “ The Digital Asset Promotion Basic Law”, will be formally introduced next Monday.
South Korea’s Crypto Law
According to local media reports, the Financial Services Commission (FSC), revealed earlier this year its intention to gradually lift restrictions that currently prevent institutional investors from entering the crypto space.
More recently, an FSC official signaled that the government may even open the domestic cryptocurrency market to foreign investors.
“We must move past this era of unclear and heavy-handed regulation and instead support the growth of digital assets,” said an FSC representative. “In March, we held a joint council with the Democratic Party and government officials to discuss how to cultivate a healthy virtual asset market.”
The representative also criticized the existing regulatory environment, noting that excessive restrictions, primarily aimed at preventing money laundering, are pushing local capital abroad and deterring foreign investment. As a result, investors are turning to more welcoming markets like the US.
“Digital assets are more than just financial instruments—they represent the future of the economy, born from the fusion of computing power and blockchain technology. They may become the 21st century’s equivalent of gold,” the official added.
Calling for a bold pivot, the representative urged the government to move beyond indecision. “It’s time to replace hesitation with action and work toward institutionalizing and supporting digital assets in a meaningful way.”
PPP Chairman Kim further emphasized the party’s commitment to crypto, noting that lawmaker Park Soo-min, who monitors the party’s crypto policy, will outline the policy in detail on Monday, April 28.
This development comes shortly after Hong Junpyo, a presidential hopeful from the National Power Party, echoed similar thoughts. Speaking at his campaign headquarters in Yeouido on April 16, Hong promised to revive the nation’s blockchain and cryptocurrency industries by removing regulatory barriers like the Trump administration did in the US.
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