Internet reported that South Korea's main right-wing party, the People's Power Party (PPP), officially announced on Friday that it will promote a new bill aimed at promoting the development of the local crypto asset industry. Former ruling party policy chief Kim Sang-hoon said at a conference that the country needs to end the "era of uncertainty and regulation" and usher in the era of digital asset promotion, local news agency Newsis reported. "Due to the government's anti-money laundering efforts, over-regulatory policies have hindered foreign capital from entering the domestic virtual asset market," Kim Sang-hoon reportedly said, adding that domestic capital has also left the local market for the same reason.