South Korea's main right-wing political party pushes for new laws to promote the development of the cryptocurrency industry

South Korea's main right-wing People's Power Party (PPP) officially announced on Friday that it will push a new bill aimed at boosting the development of the local crypto asset industry. According to local news agency Newsis, former ruling party policy chief Kim Sang-hoon said at a conference that the country needs to end the "era of uncertainty and regulation" and usher in the era of digital asset promotion.
"Due to the government's anti-money laundering efforts, the overly regulatory policy has hindered foreign capital from entering the domestic virtual asset market," Mr. Kim reportedly said, adding that domestic capital had also left the local market for the same reason.