South Korea's main right-wing political party is pushing for the enactment of a new law to promote the development of the cryptocurrency industry.

BlockBeats News, April 25th, according to South Korean local media Newsis, South Korea's major right-wing political party, the People Power Party (PPP), officially announced on Friday that it will promote a new bill aimed at promoting the development of the South Korean cryptocurrency industry. The upcoming bill is called the "Digital Asset Promotion Basic Law," and its details will be released next Monday.

In addition, the South Korean financial regulatory agency is also working to relax its strict regulation of cryptocurrency. The Financial Services Commission announced in January of this year that it will gradually lift the ban on institutional investors investing in cryptocurrency.

A representative of the Financial Services Commission earlier this month stated that they may consider opening the currently restricted local market trading door to foreign investors.