Basic Law on Digital Assets Unable to Meet Discussion in the South Korean Congress

02/27/2023 04:57 • NFT Newsflash • 125 views

On February 27, the South Korean Congress held its first bill review subcommittee this morning, but failed to discuss the Basic Law on Digital Assets, which is called the comprehensive bill related to virtual assets. Although 17 virtual asset-related bills were submitted on the same day, they were pushed to a lower priority due to the revision of the Capital Market Law, so the discussion ended in failure. In particular, the plenary session of the Congress this afternoon did not have enough time to discuss the bill itself.

The Bill Review Committee of the Korean Congress skips the discussion of the Basic Law of Digital Assets again

Interpret the above information:

The South Korean Congress convened its first bill review subcommittee on February 27, but it did not discuss the Basic Law on Digital Assets, a comprehensive bill related to virtual assets. Despite 17 virtual asset-related bills being submitted on the same day, they were given a lower priority due to the revision of the Capital Market Law, and the discussion ended in failure. The plenary session of the Congress in the afternoon did not have enough time to discuss the bill itself, causing it to be pushed back further.

The postponement of the Basic Law on Digital Assets is disappointing for industry leaders and supporters of virtual assets, who hoped the bill would address the regulatory framework for businesses operating in the cryptocurrency industry. However, the prioritization of the revision of the Capital Market Law is seen as a positive step for South Korea’s financial market stability.

It is essential for the South Korean government to regulate the virtual asset industry while recognizing its potential for innovation and growth. The lack of regulatory oversight has contributed to security breaches and fraud in the industry, causing damage to investors and market stability. The proposed Basic Law on Digital Assets aims to improve transparency, protect investors’ assets, and establish guidelines for cryptocurrency taxation, accounting, and reporting.

The postponement of a final decision at the South Korean National Assembly may be viewed as a delay in moving towards a comprehensive regulatory framework for virtual assets. Nevertheless, a reasonable attempt to develop comprehensive regulations for digital assets within a limited timeframe can prove to be challenging. Amidst other priorities and the global pandemic, the government is likely to put the discussion of more necessary policies ahead of virtual assets for the time being. Regardless, stakeholders should continue monitoring the status of the Basic Law on Digital Assets Bill closely.

In conclusion, the South Korean Congress’s inability to discuss the Basic Law on Digital Assets is a disappointing result. Nonetheless, an opportunity still exists for the government to address the regulatory framework for virtual assets. Industry players and investors alike should stay attentive to further developments in the proposed legislation.

Keyword Glossary:

South Korean Congress – The legislative branch of the South Korean government.

Basic Law on Digital Assets – A proposed comprehensive bill related to virtual assets in South Korea.

Virtual assets – A type of digital or virtual currency that utilizes cryptography for security purposes.

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