South Korea Is Carefully Considering Crypto Law On March 28

Key Points:

• The National Assembly of South Korea is conducting a comprehensive discussion on the development of legislation Act related to virtual assets.
• The National Assembly’s Political Affairs Committee will hold its first bill review session on March 28 to propose and discuss bills related to virtual assets.
• There are currently 18 bills related to virtual assets pending at the Political Affairs Committee of the National Assembly of Korea.

According to Money Today, the South Korean National Assembly is holding a thorough debate on the enactment of the “Virtual Assets Related Act,” which contains investor protection measures such as laws on the issue and disclosure of crypto.

The Political Affairs Committee of South Korea’s National Assembly will convene the first bill review branch on March 28 at 10:00 a.m. local time to propose and debate virtual asset-related measures. In April, a public hearing will be conducted to hear expert viewpoints.

The South Korean National Assembly Political Affairs Committee currently has 18 virtual asset-related bills pending, including 11 legislative bills related to virtual assets, 4 amendments to the Electronic Financial Transaction Act, 2 amendments to the Specific Financial Information Act, and 1 bill on the establishment of financial services. Amendment to the Committee Bill.

Since last year, the Virtual Assets Act has been filed to the Council of Affairs multiple times, but it has been delayed by other laws and has not been substantively addressed. In response, a Political Affairs Commission officer stated:

“As we are starting full-fledged discussions, it may be difficult for the virtual asset-related law to pass right away at the end of this month. We will hold public hearings to hear opinions and debate, focusing on the content of the bill.”

The Financial Services Commission of Korea declared in this year’s business report that it would develop a step-by-step virtual asset regulation structure to safeguard investors with respect to the institutionalization of virtual assets.

The agency intends first to implement user protection regulations, such as customer asset protection and unfair trade regulations, and then supplement market order regulations, such as the issuance and disclosure of virtual assets, in accordance with international standards established by countries such as the United States and the European Union.

South Korea is also pushing for token bills as well as whether the initial exchange offering (IEO) should be legalized. Dunamu CEO Lee Seok-woo has the South Korean government to enable cryptocurrency exchanges to conduct initial public offerings.

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Harold

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