Korean Democratic Party Revives Push for Digital Asset Basic Act

The Democratic Party in South Korea plans to revive its push for the Digital Asset Basic Act, a bill that would reshape the market structure and rules for service providers. This comes after legislative discussions stalled due to disagreements between lawmakers and financial authorities.

The party's digital asset task force was disbanded recently, but it has not been decided whether they will reestablish it in the second half of the year. The National Assembly's Political Affairs Committee is also awaiting its new composition for the next session.

Industry participants have been calling for faster second-stage legislation, as major economies are quickly building crypto regulatory frameworks. If lawmakers who led discussions on the Digital Asset Basic Act since last year leave the Political Affairs Committee in the second half, consultations with financial authorities could take more time.