South Korean Congress Fails to Discuss Basic Law on Digital Assets

02/27/2023 04:57 • AI & Tech Insights • 149 views

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 South Korean Congress held its first bill review subcommittee on February 27, but failed to discuss the Basic Law on Digital Assets, which is known as the comprehensive bill regarding virtual assets. This news comes as a disappointment to many, as the country has been at the forefront of the digital asset industry over recent years.

What is particularly concerning about this revelation is that the digital asset industry in Korea is largely unregulated. The lack of a basic law on digital assets makes it difficult for regulators to oversee the industry as it grows. The inability to discuss the bill today shows that the government of South Korea is not taking this issue as seriously as it should.

Seventeen other virtual asset-related bills were submitted on the same day, but due to the revision of the Capital Market Law, they were not given the priority that they deserved. This prioritization issue resulted in the failure of the subcommittee discussion. Furthermore, there was not enough time to discuss the bill itself during the plenary session of the Congress that afternoon.

This failure to discuss the bill is particularly worrying because the virtual asset industry in South Korea is constantly growing. Without proper regulation, it could put investors at risk, negatively impact the economy, and hinder the digital asset industry’s expansion.

In conclusion, South Korea’s Congress failed to discuss the Basic Law on Digital Assets, despite it being a comprehensive bill related to virtual assets. The lack of prioritization led to the postponement of the discussion. The implications of the delay in passing this bill could be detrimental to the digital asset industry and could impact the country’s economy negatively. It is critical for policymakers to take swift action to properly regulate the virtual asset industry to avoid unforeseen tradeoffs.

Overall, the government needs to prioritize the digital asset industry and ensure that the necessary regulations are put in place to make it safe and accessible for all. It would be unwise to leave the industry unregulated as it continues to grow at a speedy pace.

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South Korean Congress Fails to Discuss Basic Law on Digital Assets

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

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