South Korean ruling party official calls for normalizing asset markets amid crypto plunge

Hong Seong-guk, chairman of the ruling Democratic Party's National Economic Advisory Council, has called for the normalization of asset markets in response to the recent sharp decline in virtual assets, Digital Asset reported. Speaking at a parliamentary debate on June 11 commemorating the first anniversary of the Lee Jae-myung administration, Hong identified the digital asset market's downturn, which affects an estimated 10 million investors, and the risk of a weakening Korean won as urgent problems. He also proposed preparing for inflation driven by the prolonged war in Iran and a semiconductor boom, as well as adapting to post-war policy changes from the Trump administration.