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The People Power Party of South Korea plans to promote the "Basic Law on Digital Assets" to regulate the virtual asset market.
According to Gate.io News bot, reported by Newsis, the South Korean People Power Party announced that it will promote the establishment of the "Basic Law on Digital Assets" aimed at regulating the virtual asset market and balancing investor protection with industry innovation.
The chairman of the Policy Committee of the People Power Party, Kim Sang-hoon, stated that the current government's regulation has prevented overseas capital from entering the South Korean market, resulting in capital outflow. He proposed to end unclear regulation and usher in an era of digital asset cultivation.
Member Piao Xiumin plans to announce the specific details of the virtual asset policy on April 28.