Delay in discussion of Basic Law on Digital Assets in South Korea.

On February 27, the South Korean Congress held its first bill review subcommittee this morning, but failed to discuss the Basic Law on Digital Assets, which is…

Delay in discussion of Basic Law on Digital Assets in South Korea.

On February 27, the South Korean Congress held its first bill review subcommittee this morning, but failed to discuss the Basic Law on Digital Assets, which is called the comprehensive bill related to virtual assets. Although 17 virtual asset-related bills were submitted on the same day, they were pushed to a lower priority due to the revision of the Capital Market Law, so the discussion ended in failure. In particular, the plenary session of the Congress this afternoon did not have enough time to discuss the bill itself.

The Bill Review Committee of the Korean Congress skips the discussion of the Basic Law of Digital Assets again

Interpretation of the news:


The message reveals that the South Korean Congress failed to discuss the Basic Law on Digital Assets during its first bill review subcommittee on February 27. The Basic Law on Digital Assets, also known as the comprehensive bill related to virtual assets, is a crucial piece of legislation that seeks to regulate the virtual asset market in South Korea. This comes after 17 other virtual asset-related bills were submitted on the same day, but the Comprehensive Virtual Asset Act has been given a higher priority than the others.

However, due to the revision of the Capital Market Law, which aims to reform and strengthen the securities market in the country, the discussion on virtual asset bills was pushed to a lower priority, leading to the failure to discuss the Basic Law on Digital Assets. Additionally, the session of the Congress that followed in the afternoon also did not have enough time to discuss the bill itself.

The South Korean government has been closely monitoring the virtual asset market in recent years, particularly after the crypto boom in 2017. They have been taking steps to regulate the market to protect investors from fraud and security breaches. The Basic Law on Digital Assets is an integral part of this plan, as it is designed to provide a comprehensive regulatory framework for the industry.

The delay in discussing the Basic Law on Digital Assets is a significant setback for the South Korean Congress, as it puts the regulation of the virtual asset market on hold. It also shows the importance of balancing priorities, as the revision of the Capital Market Law could hinder progress in other areas.

In conclusion, the South Korean Congress’s failure to discuss the Basic Law on Digital Assets due to the revision of the Capital Market Law is a setback for the regulation of the virtual asset market. The delay in discussion shows the need to balance priorities to achieve progress in all areas of the country’s economic development.

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