Korea Digital Assets Bill Not Passed Again Because It’s Not Urgent

Key Points:

• The Korea Digital Assets Bill continued to be ignored by the National Assembly because of political disputes and was deemed unnecessary.
• The Commission is more concerned with correcting market failures.

The Korean National Assembly’s Political Affairs Committee held the first subcommittee to consider the bill this morning. The Korea digital assets bill have yet to be discussed because of political disputes, according to the Korean media – News1

At 10:30 a.m. on the 16th, the National Assembly’s Political Committee held a No.1 Law Review Subcommittee meeting and discussed controversial bills. The Committee’s political agenda includes the Partially revised Credit Union Act, the Partially revised Asset-Secured Securities Act, the Financial Investment Business Act major and capital markets, the Partial Amendment Bill, the Virtual Assets (Digital Assets) Bill, Electronic Financial Transactions Partial Amendment Bill, Partial Amendment Bill of Associations Act Korean veterans were planned.

Members of the Political Affairs Committee agreed to drop the digital asset bill in the middle and discuss the bill, initiated by the Department of Patriots and Veterans Affairs, at a lower priority.

The Korea Digital Assets Bill is an important national task of the Yoon Seok-yeol government, so the Committee is more interested in correcting market failures.

Previously, a consensus was formed between the ruling parties and the opposition to enact the Digital Assets Act at the Political Affairs Commission, but it was repeatedly dropped due to disputes and politics between opposition parties.

Lawmakers from the ruling and opposition parties often argue that unfair action regulation and user asset protection laws are needed to protect investors through the Terra and FTX.

They then agreed to prepare a ‘one-point’ bill last year, but it was dropped due to the budget agreement and the sacking of Minister of Public Administration and Security Lee Sang-min waste. Meanwhile, the schedule of the next subcommittee of the Political Affairs Commission has yet to be decided.

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