KCCI Urges Swift Passage of Digital Asset Basic Act to Ease Corporate Uncertainty

The Korea Chamber of Commerce and Industry urged the swift enactment of the Digital Asset Basic Act, saying it is needed to establish a regulatory framework for the virtual asset, or cryptocurrency, market.

Digital Times reported on October 27 that KCCI submitted its "KCCI Report," containing 100 legislative proposals, to the National Assembly ahead of bill reviews during the regular session.

KCCI said the number of user accounts able to trade virtual assets in South Korea has exceeded 11 million, but a market-wide regulatory framework has yet to be established.

It said putting such rules in place would reduce business uncertainty for companies and bolster investor confidence, and called on the National Assembly to begin discussions on the Digital Asset Basic Act without delay.

The proposals also included introducing tax credits for domestic production, strengthening penalties for overseas leaks of advanced technologies, and creating a legal basis for electricity rate plans dedicated to AI data centers.

Kang Ho-joon, head of KCCI's corporate policy team, said the industrial landscape is changing rapidly as supply chains are reorganized and companies shift toward AI. He added that this has made it more important than ever to spur domestic investment and expand the production base, and urged both ruling and opposition parties to move quickly on growth-related bills proposed by both sides.