PANews reported on May 27 that according to Yonhap News Agency Infomax, the Democratic Party of South Korea (DPK) plans to step up efforts to formulate cryptocurrency policies, especially those around stablecoins, to encourage the healthy development of the market and protect users. The party believes that stablecoins are key to maintaining national monetary sovereignty and promoting innovation, and emphasizes the need to establish a legal framework that is in sync with global trends.

This stance was expressed by Ahn Do-geol, senior vice chairman of the Economic Growth Committee of the Democratic Party of Korea, Dunamu CEO Lee Sirgoo, Bithumb CEO Lee Jae-won, and Kim Jae-jin, executive vice chairman of the Korea Digital Asset Exchange Association (DAXA), among others, at a policy forum held at Upbit’s headquarters on May 27.