Korea Expected To Pass 18 Digital Asset Bills In April

Key Points:

• South Korean parliament members said the bill to regulate the digital asset market proposed by the end of 2022 would likely be passed in April.
• 18 digital asset bills under the Virtual Assets Act have been proposed to Parliament since 2021.
• Before that, the bill had been submitted to the Affairs Council several times since last year, but it was delayed by other statements and not discussed substantively.

The Digital Asset Market Regulation Bill proposed by the Korean National Assembly in the fall of 2022 will be passed by Subcommittee 1 of the Congressional Political Affairs Committee in April.

It is reported that on March 28, members of the first subcommittee began to show a keen interest in the bill.

“On March 28, the first subcommittee resolved the issues of the bill and narrowed the differences among members, so it is expected that the bill will be passed in April.” Representative Kim Hee-gon, a member of the first subcommittee, said on March 29.

Several officials from the Political Affairs Commission also reported on the same day.

“In the first subcommittee of the Political Affairs Committee, lawmakers conducted in-depth discussions on the bill to regulate digital assets.”

The National Assembly of Korea is conducting a comprehensive discussion on developing the “Virtual Asset-Related Act” legislation, which includes measures to protect investors, such as regulations on issuance and publicity – disclosure of information on securities and virtual assets (cryptocurrency).

The Political Affairs Committee of the National Assembly of Korea will hold its first bill review session at 10:00 local time on March 28 to propose and discuss bills related to virtual assets. A public hearing will be held in April to hear expert opinions.

There are currently 18 bills related to virtual assets pending at the Political Affairs Committee of the National Assembly of Korea, including 11 bills related to virtual assets, 4 amendments to the Exchange Act. electronic financial services, 2 amendments to the Specific Financial Information Act and 1 bill on the establishment of financial services.

The Virtual Assets Act has been submitted to the Affairs Council several times since last year, but it has been delayed by other bills and not discussed substantively.

Analysts say the National Assembly standing committee has shown so much interest in the bill because the atmosphere has been created to urge legislation to regulate unfair trade after the CEO of Terraform Labs (TFL) Kwon Do-hyeong was recently arrested in Montenegro on suspicion of a forged passport. Currently, the most awaited information is which country Do Kwon will be extradited to while South Korea and the US are waiting for him to confront fraud charges and manipulate market prices.

The Director of the Korea Financial Supervisory Service also revealed today that Do Kwon wants to be deported to South Korea. They are also doing their best, such as sending investigators, to repatriate Do Kwon.

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