- The People Power Party said its policy platform for the June 3 local elections includes abolishing the tax on virtual-asset income and enacting a basic law on digital assets.
- The platform said it would strengthen investor protection by creating digital-asset trading-support rules and introducing a disclosure regime comparable to that of capital markets.
- The party said it would improve the investment environment by addressing market concentration in the domestic digital-asset exchange market and encouraging exchange IPOs and global expansion.
Forecast Trend Report by Period
South Korea’s People Power Party has released a policy platform for the June 3 local elections that includes abolishing the tax on virtual-asset income and enacting a basic law on digital assets. The pledges outline a plan to strengthen investor protection and bring the digital-asset industry into the regulatory framework.
The policy platform, published on May 20, centers on enacting a Digital Asset Basic Act to create a safer investment environment. It would set entry and business-operation rules for virtual-asset service providers and further classify the scope of their businesses. The plan also calls for new rules on digital-asset trading support and the introduction of a disclosure regime comparable to that used in capital markets.
The party also pledged to establish a regulatory framework for stablecoins. It would clearly define issuance requirements that reflect both innovation and stability, standards and operating rules for reserve assets, transparent accounting and disclosure obligations, and users’ legal rights.
The platform also presented measures to address concentration in South Korea’s digital-asset exchange market. Rather than relying on artificial or forced intervention, the party said it would encourage steps such as initial public offerings to ease the market’s concentrated structure and help domestic exchanges expand overseas. It also pledged to actively pursue the abolition of the digital-asset income tax to reduce investors’ tax burden.
The party included public-administration innovation using blockchain technology as another key pledge. It plans to adopt distributed ledger technology to manage budgets for state projects more transparently. By recording project details on a digital ledger, it aims to build what it described as a “microscope” verification system to closely monitor budget execution.