Korea’s Act Review Committee Neglects “Digital Property Law” – Again!
The National Assembly of Korea held a subcommittee to consider the first bill this morning but continued not to discuss the “Digital Asset Basics Act.”. Although South Korean politicians expressed hope to develop the “Basic Law on Digital Assets” by 2022, it has been continuously ignored.
According to the report, although South Korean politicians expressed hope to develop a “Basic Law on Digital Assets” by 2022, the Bill Review Committee paused discussion on the bill last month. Therefore, the prescribed vacancy period is expected to be extended further. Unlike the country’s rapid release of ST0 regulatory guidelines in the past, this is due to the lack of smooth political consultations. Although 17 bills related to virtual assets were submitted that day, the discussions failed as they were pushed to a lower priority due to the amended Capital Markets Act.
