'Democratic Party Targets 'Coin Ants' Votes... "Will Soon Release a Message on Virtual Assets"

'Digital Asset Basic Law' National Assembly Forum

"Korea Lagging Behind in Leader Group...A Painful Situation"

"Speed of Institutionalization Important...Should Be Promoted by New Government"

The Democratic Party of Korea is accelerating its virtual asset policy to capture the votes of 'coin ants'. The Democratic Party plans to soon release a message related to virtual assets.

Democratic Party lawmaker Kang Jun-hyun attended the 'National Assembly Forum for the Enactment of the Digital Asset Basic Law' held at the National Assembly Hall in Seoul on the 15th and stated, "Ahead of the early presidential election, in-depth discussions on digital assets are underway within the party," and "We will soon release a message related to (virtual assets)." Kang said, "The 2030 generation regards (virtual assets) as a ladder of hope in the process of asset formation," and "We are planning to create a manual related to the Digital Asset Basic Law as soon as possible."

Kang pointed out virtual assets as a major presidential pledge of the Democratic Party. He said, "There are three main pillars of the policy, and virtual assets are one of them," and "I think the Digital Asset Basic Law should be institutionalized quickly." He added, "We will approach (virtual asset policy) with a desperate heart at the party level."

"Pursuing Virtual Asset Institutionalization Linked to Presidential Election"

Democratic Party lawmaker Lee Kang-il also emphasized the will to institutionalize virtual assets. Lee said at the forum, "Social interest and maturity regarding (virtual assets) have risen significantly," and "We can pursue (virtual asset institutionalization) more rapidly linked to the presidential election than before."

He also mentioned the development speed of Korea's virtual asset industry. Lee said, "Since Korea is not a global leader in the (virtual asset field), it is in a situation where it cannot lead the system proactively," and "I think it's a painful situation." He added, "I feel regretful that Korea, which was once in the spotlight as a leader group in the (virtual asset) field, seems to be losing its rank," and "We will do our best to meet the expectations of the industry."

Democratic Party lawmaker Min Byung-deok also supported the initiative. Min attended the forum and said, "(For virtual asset institutionalization) speed is as important as direction," and "The new government should quickly create the Digital Asset Basic Law." Min said, "Korea has the infrastructure to operate (the virtual asset industry) well, but there is regret that it is delayed due to perspective," and "We will immediately proceed with the enactment of the Digital Asset Basic Law after completing discussions with the National Assembly's Political Affairs Committee and the Korea Fintech Industry Association."

Authorities "Need to Clarify Legal Status"

Experts pointed out that institutionalization and perception improvement of virtual assets should go hand in hand. There is concern that negative perceptions of virtual assets could be an obstacle in the process of promoting legislation related to virtual assets. Han Seo-hee, a lawyer at Barun Law LLC, said, "There is still a negative perspective on the digital asset industry in Korea," and "It is necessary to improve the perception that digital assets can be an industry that helps national competitiveness." Han added, "It is also necessary to recognize that if foreign investors flow into the country, (virtual assets) can be a means of generating foreign currency."

Financial authorities believe that the legal status of virtual assets should be clarified through institutionalization. Kim Sung-jin, a director at the Financial Services Commission, said, "Recent precedents have recognized the creditor nature of virtual assets only for claims for return," and "(However) there is still room for controversy regarding the virtual assets themselves." Kim said, "I think work on (clarifying legal status) should be carried out at the pan-government level," and "It is necessary to subdivide the classification of (virtual asset) industries based on practical aspects, referring to the EU's MiCA law and Korea's Capital Markets Act."