Major financial associations such as the Korea Federation of Banks, the Financial Investment Association, and the Life Insurance Association plan to submit policy proposals to the new government early next month. While there are differences across industries, proposals submitted by the country’s financial firms have been confirmed to be in favor of loosening regulations for virtual asset-related businesses.
It is reported that President-elect Yin Xiyue promised to revitalize virtual assets by incorporating them into the financial sector, and to form a government working group for digital platforms as the main tasks of the transition committee.