the main right-wing political party in South Korea, the People's Power Party (PPP), officially announced on Friday that it will promote a new law aimed at promoting the development of the local cryptocurrency industry. According to local news agency Newsis, former policy chief of the ruling party Kim Sang-hoon stated at a meeting that the country needs to end the "era of uncertainty and regulation" and usher in the era of digital asset promotion.

Kim Sang-hoon reportedly said, "Due to the government's anti-money laundering efforts, policies that focus excessively on regulation have hindered foreign capital from entering the domestic virtual asset market," he added that domestic capital has also left the local market for the same reasons.