The Democratic Party of South Korea has established a new Digital Asset Committee to focus on cryptocurrency policies and industry growth. The committee’s inaugural meeting took place at the National Assembly Members’ Hall in Seoul on May 13. The key agenda items discussed included regulatory uncertainties and stablecoin regulations amid the US government’s push for US dollar stablecoins. This committee joins other similar organizations in South Korea, such as the Virtual Asset Committee launched in late 2024 and a public-private crypto task force introduced in 2022 by the Financial Services Commission (FSC). The Digital Asset Committee’s leadership includes prominent South Korean officials and politicians, with National Assembly Chairman Min Byeong-deok serving as the chairman. The committee also involves executives from major local exchanges like Upbit, Bithumb, Coinbit, and Gopax. During the opening meeting, Chairman Min expressed concerns about South Korea’s current one-exchange-one-bank rule and discussed potential regulatory frameworks for stablecoins, including which regulators should supervise the industry. The establishment of this committee coincided with concerns raised by a Bank of Korea executive about the impact of stablecoins on central bank policies. For more information and updates on cryptocurrency regulations in South Korea, stay tuned for further developments.