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South Korean Opposition will suggest a new crypto regulation model
September 19  |  2 min read

South Korean Opposition Party Proposes Pro-Crypto Measures

The COIN360 Editorial Team

The Liberty Korea Party (LKP), the main opposition party in South Korea, will propose pro-innovation cryptocurrency market regulation measures during the “People’s Report Meeting” in Seoul this Sunday, Cointelegraph Korea reports.

The “2020 Economic transformation” plan of the LKP party is the result of three months’ work of senior party members with the involvement of 90 experts, according to Kim Gwang-Lim, a sitting member of the National Assembly's Strategy and Finance Committee. In general, the party leaders propose to take a more pro-innovation agenda, as opposed to the current pro-blockchain, but anti-crypto stance of the government.

LKP members aim to solve current regulative uncertainty and, by acting on industry experts' recommendations, provide the country with legal structure for innovation growth. Moreover, the proposal argues that cryptocurrency exchanges could become “a competitive counterpart to the legacy Korea Exchange”, by offering 24/7 liquidity for alternative investment financial products such as security tokens.