South Korea opposition political party, the Liberty Korea Party (LKP) has expressed a desire to establish a favorable regulatory framework for crypto-related firms. The LKP plans to unveil favorable policies as opposed to the strategies being adopted by the current administration, Cointelegraph Korea reports today.
The party will be unveiling its “2020 Economic Transformation” agenda in an event dubbed the People’s Report Meeting, and it will be hosted at the National Assembly building in Seoul on Sunday, September 22. This is coming after various industry experts have urged the South Korean government to legalize the crypto industry, to enhance the protection of investors’ funds.
Reacting to the development, an LKP sitting member of the National Assembly’s Strategy and Finance Committee, Kim Gwang-Lim stated that the proposed crypto report has been in progress since the past three months, and has seen significant contribution from top members of the LKP in collaboration with 90 party-affiliated citizens who are experts in diverse fields.
As part of a Fourth Industrial Revolution “Digital Finance Korea” initiative, the partnership between senior members of the party and the various experts has led to the birth of favorable policies, to help boost the nation’s fintech industry, including the crypto sector, he added.
Interestingly, the policy is nothing similar to the incumbent government crypto and blockchain regulation – which is established to stall the growth of cryptos in the country, Gwang-Lim said. Per the report, the LKP proposition for South Korea’s space would foster the authorization of tokenized securities.
Notably, the LKP’s pro-innovation agenda also aligns itself with global leaders, including Japan and the United States that have been working toward regulating crypto-related activities, to curb the intended use of cryptos in illicit activities.
As reported last month, South Korean Financial Intelligence Unit (FIU) in a similar vein announced plans to directly supervise crypto exchanges in the country, as opposed to applying existing rules for financial institutions to crypto-related firms.