The largest political party in South Korea, the Democratic Party, has launched a Digital Asset Committee focused on developing cryptocurrency policies and promoting industry growth.

The committee held its inaugural meeting at the National Assembly Members’ Hall in Seoul on May 13, the local news agency News1 reported.

During its first meeting, the committee highlighted the importance of resolving regulatory uncertainty and addressing burning issues like stablecoin regulation amid the push for US-dollar stablecoins by the US government.

The new committee joins similar organizations in South Korea, including the Virtual Asset Committee launched in late 2024 and another public-private crypto task force introduced in 2022, both initiated by the Financial Services Commission (FSC).

Exchanges like Upbit and Bithumb involved

The leadership of the Digital Asset Committee includes South Korean officials and politicians, such as National Assembly Chairman Min Byeong-deok, who joined the committee as chairman.

Additionally, the organization features standing general election committee Chairman Yoon Yeo-joon, Muksanism Committee Chairman Maeng Seong-gyu, National Assembly member Kim Byeong-gi and former National Assembly Chairman Kim Jeong-woo.

Digital Asset Committee Chairman Min Byeong-deok, Yoon Yeo-jun, Maeng Seong-gyu and Kim Jeong-woo (from left to right). Source: News1

According to a report by ChosunBiz, the committee will also include participation of executives from major local exchanges, including Upbit, Bithumb, Coinbit and Gopax.

Criticism of “one-exchange, one bank” rule

At the opening meeting, committee Chairman Min expressed concerns regarding limitations of South Korea’s current one-exchange-one-bank rule, implying that crypto exchanges are restricted to collaborating with only one lender.

“There are clear shortcomings to the one exchange, one bank principle,” Min reportedly said, adding that the committee is working with regulators to resolve the issue.

The chairman also mentioned discussions about which regulators should supervise the stablecoin industry and whether stablecoins should be subject to a licensing or reporting system.

Related: South Korea presidential front-runner pledges to approve Bitcoin ETFs

“There is also a point of contention as to whether the Bank of Korea or the FSC should handle the regulation,” he reportedly said.

The news came shortly after a Bank of Korea executive expressed concerns over the issuance of the South Korean won-backed stablecoins.

“Stablecoin has a great impact on the implementation of central bank policies such as monetary policy, financial stability, and payment settlement,” Bank of Korea’s Koh Kyung-chul reportedly said at a conference on May 12.

“The negative impact on the central bank’s policy implementation should be minimized by the central bank’s practical intervention in the approval stage,” he added.

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Bitcoin defied expectations in April, delivering double-digit gains while posting lower volatility than major traditional assets.

According to analysts at Galaxy Digital, Bitcoin’s (BTC) realized volatility over the past 10 trading sessions dropped to 43.86, lower than the S&P 500’s 47.29 and the Nasdaq 100’s 51.26 — an unusual “positioning for a digital asset traditionally known for its outsized volatility.”

The data point comes against a backdrop of renewed financial turbulence. Since US President Donald Trump’s Liberation Day tariff announcement on April 2, traditional markets have wobbled.

The Nasdaq Composite is flat, the Bloomberg Dollar Index fell nearly 4%, and even gold (typically a safe haven) briefly hit $3,500 per ounce before pulling back to a 5.75% gain, Galaxy Digital analysts wrote in a May 12 note.

However, they noted that Bitcoin surged 11% over the same period, reinforcing its evolving role as a macro hedge amid geopolitical and fiscal uncertainty.

The Nasdaq Composite Index has been in the red over the past six months. Source: Nasdaq

Related: Bitcoin illiquid supply hits 14M BTC as hodlers set bull market record

Bitcoin’s correlation with major indexes declines

The analysts noted that Bitcoin still maintains elevated 30-day correlations with major indexes, around 0.62 with the S&P and 0.64 with the Nasdaq. However, its beta has declined, signaling that investors may be treating it less as a high-risk asset and more as a long-term allocation.

“Bitcoin as a non-sovereign asset means an investor doesn’t need the full faith or tax basis of a nation to support the integrity of the asset,” said Chris Rhine, head of liquid active strategies at Galaxy.

Galaxy said that the recent investor behavior mirrors what was observed during the 2018–2019 US-China trade tensions when Bitcoin rallied amid rising global uncertainty.

Hank Huang, CEO of Kronos Research, told Cointelegraph that surging ETF inflows and Strategy’s ongoing Bitcoin purchases are helping reshape Bitcoin into a digital version of gold, less tied to equities.

“As institutions deepen liquidity, volatility drops, making Bitcoin a cornerstone for portfolios,” Huang added.

Institutions view Bitcoin as hedge

Meanwhile, Galaxy’s OTC trading desk said the market posture is “tactically cautious but structurally constructive,” marked by disciplined leverage and low hedging stress.

With 95% of Bitcoin’s total supply already mined and growing interest from institutions, ETFs and even governments, Bitcoin is increasingly being viewed as a digital store of value.

“Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value,” said Ian Kolman, co-portfolio manager at Galaxy.

On April 25, Jay Jacobs, BlackRock’s head of thematics and active ETFs, said there has been a long-term trend in which countries have been reducing their reliance on dollar-based reserves in favor of assets like gold and, increasingly, Bitcoin.

He noted that geopolitical fragmentation is fueling demand for uncorrelated assets, with Bitcoin increasingly viewed alongside gold as a safe-haven asset.

Magazine: Bitcoin eyes’ crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10

Web3 and privacy-focused web browser Brave Browser has integrated the Cardano blockchain into its native and standalone wallets.

According to a May 12 announcement, the integration stems from a partnership between Brave Browser and Cardano development firm Input Output. Together, the two firms “will integrate Cardano into the Brave Wallet, enabling Cardano blockchain access and token management.” Brendan Eich, co-founder and CEO of Brave and the Basic Attention Token (BAT), said:

“Integrating Cardano into Brave Wallet not only expands multi-chain access, but also enhances security, governance participation, and the overall user experience.”

Eich explained that Brave focuses on maximizing user choice while providing tools to engage with decentralized ecosystems. With this integration, users of the Web3 browser and standalone wallet will gain direct access to Cardano’s blockchain without leaving the interfaces.

Brave had not responded to Cointelegraph’s request for comment by publication.

Related: Charles Hoskinson says he ‘knew nothing’ of ADA being selected for US reserve

Brave browser keeps expanding

Brave already supports the Ethereum and Solana blockchains. The announcement explicitly cites Midnight (NIGHT) as an ecosystem that would benefit from the support:

“The partnership also sets the stage for future innovation around engagement with Cardano’s governance and Midnight, a blockchain developed by Shielded Technologies, an Input | Output spinout focused on confidential smart contracts and data protection.“

Midnight is a privacy-focused Cardano sidechain. Input Output CEO Charles Hoskinson also recently suggested that the network could also enable free transactions for non-fungible token (NFT) ticket holders.

Hoskinson explained that users would be given NFTs on sign-up, which would then give them the right to a certain number of transactions per day. This, he explained, would allow for use cases resembling those of the Web2 model:

“Then all of a sudden you have the entire Web2 business model: you can have free accounts and free apps for people to use and they’re using crypto infrastructure but they don’t have to have a token.”Source: Mintern

Related: Is Cardano (ADA) a “zombie crypto”?

The first collaboration in a long-term partnership

The announcement hints at more future developments sprouting from the newly formed partnership between Brave Browser and Input Output. The post notes that the collaboration “sets the stage for future innovation around engagement with Cardano’s governance and Midnight.”

Eran Barak, the CEO of Midnight, told Cointelegraph in February that transparency, one of blockchain’s biggest selling points, also hinders widespread adoption and applications in fields like business and medicine. He explained that metadata allows individuals to be identified and tracked, hindering blockchain adoption.

The development of Midnight follows the team behind the Cardano ecosystem announcing a software toolkit allowing developers to deploy custom-built sidechains in early 2023.

Magazine: Charles Hoskinson, Cardano and Ethereum – for the record