South Korea’s PPP highlights need for crypto-friendly laws ahead of election

South Korea’s People Power Party (PPP) is stepping up efforts to support the country’s crypto industry ahead of the presidential election scheduled for June. According to local outlet Edaily, Kim Sang-hoon, chairman of the PPP’s policy committee, recently called for a shift in the government’s stance on digital assets, urging an end to what he described as an era of regulatory ambiguity and restrictions. He emphasized the need to foster growth in the sector. As part of this initiative, Kim announced plans to introduce foundational laws aimed at promoting and systematically managing digital assets. He argued that excessive government regulation is deterring foreign investment in South Korea’s crypto market and driving local capital overseas to markets such as U.S. equities. He added that now is the time to move past hesitation and build a regulatory framework to support the industry. The PPP is expected to reveal details of its legislative plans and campaign agenda on April 28.