• South Korea is expected to pass digital asset market regulation in April. • The Political Affairs Committee has narrowed the differences between opposition and ruling party members. • The passage …
• South Korea is expected to pass digital asset market regulation in April.
• The Political Affairs Committee has narrowed the differences between opposition and ruling party members.
• The passage of the bill was highlighted by the collapse of Terraform Labs, leading to increased importance of having laws governing the digital asset industry.
South Korea Expects to Pass Digital Asset Market Regulation
The South Korean National Assembly is now expected to pass its digital asset market regulation in April after years of failed attempts. Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, said the prospects of this happening were bolstered after members agreed to narrow their differences.
Politicians Narrow Their Differences
A Korean media report stated that the country’s National Assembly is now expected to pass the digital asset market regulation bill. Rep. Kim Hee-gon revealed that opposition and ruling party members had narrowed their differences which increased hopes for finally passing a law that governs digital assets. After its passage legislators may have to go „through the process of revising the details.“
Highlighted Importance of Digital Assets Laws
Analysts quoted in the Korean language report claimed that Terraform Labs’ collapse highlighted legislators on importance of having laws governing the virtual assets industry in South Korea besides other 18 bills related to virtual assets discussed by lawmakers.
Law Needed To Support Industry Growth
The law aims at providing a supportive regulatory framework for an evolving digital economy and promoting growth within it while ensuring consumer protection and preventing money laundering activities. It also seeks to ensure that all businesses involved with cryptocurrencies are compliant with anti-money laundering regulations as well as other applicable laws before they can operate in South Korea’s domestic market
After several failed attempts in past, South Korea’s National Assembly appears close to passing its long awaited bill which will provide a supportive regulatory framework for an evolving digital economy while protecting consumers from any fraudulent activities or money laundering operations taking place within it