South Korean Opposition Party to Support Cryptocurrency

Asia Blockchain Review
September 28, 2019

The Liberty Korea Party (LKP), the main opposition party in South Korea’s National Assembly, recently proposed its cryptocurrency-related measures during the “People’s Report Meeting” in Seoul on September 22, as reported by Cointelegraph Korea. 

The LKP’s stance seemed to be more aggressive and pro-innovation than that of the current South Korean government, particularly in terms of support for the legalization of tokenized securities in a bid to protect investors’ funds. 

The LKP Poised to Authorize the Crypto Industry

Kim Gwang-Lim, an LKP sitting member of the National Assembly’s Strategy and Finance Committee, revealed that the proposal was finalized following a three-month effort by senior LKP members, together with 90 party-affiliated civilian experts from various fields.

The project culminated in a policy that aims to promote South Korea’s cryptocurrency industry as part of a Fourth Industrial Revolution “Digital Finance Korea” initiative. 

According to Gwang-Lim, the policy specifically opposes the government’s pro-blockchain, anti-cryptocurrency stance intended to diminish the growth of the crypto industry. Instead, the LKP’s proposal brings forth the pro-innovation agenda of authorizing tokenized securities.

The LKP also advocated a policy for strengthening international cooperation to mitigate risks and curb the use of crypto for illicit activities.

Global Leaders Working on Crypto-Related Policies 

The LKP’s pro-innovation agenda aligns with positions currently under consideration in leading countries such as the United States and Japan, where lawmakers are working toward regulating crypto-related activities.

Last month, the South Korean Financial Intelligence Unit (FIU) was reported to be making plans to regulate crypto exchanges operating in the country, rather than applying conventional rules for financial institutions to crypto-related companies. 


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