Korea Financial Regulator Reassigns Official Leading Digital Asset Basic Act Work

South Korea’s financial authorities have reassigned the official who had been leading work on the government’s Digital Asset Basic Act.

The Financial Services Commission on Aug. 26 carried out personnel changes for eight division director-level officials, including the head of its virtual asset division and the head of the virtual asset inspection division at the Financial Intelligence Unit.

The change drawing the closest attention from the virtual asset industry was at the virtual asset division. Kim Sung-jin, the division’s director, was moved to the asset management division. Kim, a 46th cohort appointee through the higher civil service examination, became the first head of the virtual asset division when it was created in 2024 and had led the office until recently.

Kim had also been in charge of drafting the government’s version of the Digital Asset Basic Act. The reshuffle has raised concerns in the industry that submission of the government bill could be delayed.

Seo Na-yoon, head of the financial data policy division and a 48th cohort appointee through the higher civil service examination, was named as Kim’s successor. She will oversee the final stage of drafting the bill, which is due to be submitted to the National Assembly as early as September, as well as follow-up institutional measures.

Separately, Financial Services Commission Chairman Lee Eok-weon told a plenary meeting of the National Assembly’s Political Affairs Committee on Aug. 24 that authorities were "actively holding discussions" on the timing of the government’s submission of the Digital Asset Basic Act. Yoo Dong-su, chairman of the committee, is understood to plan to introduce a new bill once the government draft is submitted.