South Korean Opposition Party Has Pro-Crypto Policy In Stark Contrast With Government
Liberty Korea Party (LKP), the main opposition party in South Korea, recently announced that it would propose pro-crypto policies for the country. According to Cointelegraph Korea, the party is set to have a more radical pro-crypto support and to vote for the legalization of tokenized securities.
The information was unveiled during the last meeting of the group. Kim Gwang-Lim, one of the main politicians of the party, revealed that they worked with over 90 people to finalize the reports on the industry.
This new policy would be an opposition to the current “pro-blockchain, anti-crypto” policy that drives the current government. The party believes the measures to be pro-innovation and more aligned with what Japan and the United States are trying right now. These countries are focusing on finding ways to make the assets legal and regulated instead of being against them.
KLP’s new proposal also suggests that crypto exchanges could be active during the changes and that could be similar to a competitive counterpart to the Korea Exchange, where the assets would be launched.
Despite the strategies of government and opposition being so different, there is hope that the two sides may eventually align. Both sides would benefit from getting rid of some of the uncertainty in the market.
South Korea is only one of several countries in which there is a big gray zone about the future of cryptocurrencies. Not deciding on anything and lacking clear laws is generally bad for innovation, so an alignment between the government and the opposition would benefit the local fintech industry.