Challenges in the Proposal of the Digital Asset Basic Law in September

The proposal of the government's Digital Asset Basic Law in September has become difficult. The reasons cited include a vacuum in the Blue House's policy line, weakened practical momentum from financial authorities, and delays in U.S. legislation. Officials from the National Assembly's Political Affairs Committee predict that the proposal in September will be challenging. The ruling party and the government decided to propose the bill during a meeting in March, but it was postponed due to the situation in the Middle East. Since mid-August, the possibility of the proposal has been raised, but the Financial Services Commission's release of explanatory materials regarding the bill has changed the situation. The Financial Services Commission is discussing the preparation of a government proposal for the 'Digital Asset Law (tentative name)', but has stated that there is no confirmation regarding the cap on the shareholding of exchange major shareholders. The legislative momentum weakened with the appointment of the new head of the virtual asset division on August 27, and the vacuum in the Blue House's policy coordination line has also been pointed out as a problem. Kim Yong-beom, the head of the policy office, has expressed his intention to resign, leaving the policy line vacant. Global legislative delays are also reducing the necessity for domestic legislation. The failure of the Clarity Act in the U.S. Senate has delayed legislation, and the Korean National Assembly is facing the October National Audit and the November budget review. As a result, there are projections for proposals in November to December.

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