FSC Chief Says Government Draft of Digital Asset Basic Act Is Ready, Vows Swift Processing

Kim Byoung-hwan, chairman of South Korea's Financial Services Commission, said July 29 that the government has completed its draft of the Digital Asset Basic Act.

Kim made the remark during a business report to the National Assembly's Political Affairs Committee after Rep. Lee Hae-min of the Rebuilding Korea Party asked when the government would submit the bill to parliament.

"The draft is fully prepared," Kim said. He added that the government has been unable to submit it because of disagreements over some provisions. With the committee's second-half session now formed, he said he would push to process the bill as quickly as possible.

In opening remarks at the briefing, Kim said authorities would move quickly to establish a regulatory framework for digital assets and security tokens. The Financial Services Commission recently said in a briefing to the president that it aims to complete legislation on the basic law within this year.

Separately, Min Byoung-dug, a Democratic Party lawmaker on the Political Affairs Committee, told Bloomingbit in an interview on July 29 that he is confident the bill will pass this year. He said there is no "Plan B" if enactment of the law is pushed past this year.