FSC Says It Will Rush Digital Asset Basic Act Bill for National Assembly Review by November

South Korea’s Financial Services Commission said it will expedite submission of the government’s Digital Asset Basic Act bill so the National Assembly can begin substantive discussions in November.

Seo Na-yoon, head of the FSC’s Virtual Asset Division, made the remarks on Sept. 22 at a seminar at the National Assembly’s First Seminar Room titled “U.S. Crypto-Asset Fundraising Policy and South Korea’s Digital Asset Legislative Agenda.”

“The FSC wants this bill passed as quickly as anyone,” Seo said. She added that the agency shares the view that the bill should be taken up at a subcommittee meeting in November.

Seo also said the basic law will cover not only the issues currently under debate but also the broader regulatory framework for digital assets, including issuance, distribution and market-entry rules.

“Media reports have mainly focused on contentious issues, but both the bills proposed by lawmakers and the framework we are basically reviewing seek to address all aspects of market issuance and distribution,” she said. “Entry regulation is also part of the discussion.”

She pushed back, however, on suggestions that the FSC has already reached conclusions on specific issues.

“There is nothing at all like the FSC settling conclusions at the government level,” Seo said. “We are currently in the process of discussing the details.”