The main right-wing political party in South Korea, the National Power Party, will push for the formulation of new laws to promote the development of the cryptocurrency industry

On April 25th, according to local news agency Newsis, South Korea's main right-wing political party, the National Power Party (PPP), officially announced on Friday that it will push for a new bill aimed at promoting the development of the country's cryptocurrency industry. The upcoming bill is called the 'Digital Asset Promotion Basic Act', and its details will be announced next Monday. South Korean financial regulatory agencies are also working to relax strict regulations on cryptocurrencies. The Financial Services Commission announced in January this year that it will gradually lift the ban on institutional investors investing in cryptocurrencies. A representative of the Financial Services Commission stated earlier this month that it may consider opening up the currently restricted local market trading doors to foreign investors.