Key Takeaways:
- After several unsuccessful attempts, the South Korean National Assembly is now anticipated to approve its regulation of the digital asset market in April, according to a report.
- The likelihood of this occurring, according to a member of the Political Affairs Committee’s first subcommittee, was increased after participants decided to negotiate.
The National Assembly of South Korea is currently anticipated to approve the bill regulating the digital asset market, according to a Korean media report.
According to the report, the bill’s approval by the legislative body’s Political Affairs Committee has stoked optimism that, after a number of futile attempts, South Korean lawmakers will finally pass the law.
It is anticipated that the bill will be approved in April because the first subcommittee narrowed its differences and resolved the bill’s issues on March 28. On March 29, Representative Kim Hee-gon, a part of the first panel, said.
South Korea first declared the creation of a “Digital Assets Committee” in June 2022. Hong Hong Young was to be the organisation’s only leader. According to reports, the Committee’s main duties include overseeing policy development and keeping an eye on the digital assets market.
The “Virtual Asset-Related Act” legislation, which contains measures to safeguard investors like regulations on issuance and publicity – disclosure of information on securities and virtual assets, is currently the subject of extensive debate in the National Assembly of Korea. (cryptocurrency).
There is no denying that the Republic of Korea is taking extensive measures to develop a robust digital asset framework for the nation. The government recently announced the deployment of a cryptocurrency tracking system and an investment of $51 million for the expansion of projects related to the metaverse.
According to analysts cited in the Korean language article, the climate created by Terraform Labs‘ demise convinced lawmakers of the necessity of passing legislation regulating the digital asset sector. South Korean lawmakers are reported to have debated the previous 18 virtual asset-related bills in addition to the most recent draft.
The Political Affairs Committee of the National Assembly of Korea is presently debating 18 bills, including 11 bills pertaining to virtual assets and 4 Exchange Act amendments. One measure on the development of financial services, two amendments to the Specific Financial Information Act, and electronic financial services.
