Min Byung-deok: "No More Cautious Approach to Digital Asset Legislation"

Uk Jin

Summary

Min Byung-deok, a member of the Democratic Party of Korea, pointed out the need to accelerate the preparation of legislation related to digital assets.
Major countries like the United States are pursuing rapid institutionalization, while Korea is still taking a cautious approach.
Min stated that he plans to prepare the 'Digital Asset Basic Law' through a pre-submission, post-review approach.

Min Byung-deok, a member of the Democratic Party of Korea, speaks at the 'Digital Asset Basic Law Bill Review' seminar held at the National Assembly Members' Office Building in Yeouido, Seoul on the 24th./Photo by Jinwook Bloomingbit Reporter

There is an opinion that the preparation of legislation to regulate the domestic virtual asset (cryptocurrency) and, more broadly, the digital asset industry should be accelerated.

Min Byung-deok, a member of the Democratic Party of Korea, pointed out at the 'Digital Asset Basic Law Bill Review' seminar held at the National Assembly Members' Office Building in Yeouido, Seoul on the 24th, "While the United States, the European Union, Japan, and others are already rapidly institutionalizing, Korea is still maintaining a cautious approach."

He added, "There is still ambiguity in the industry about what is illegal and what is legal in (digital assets), and as a result, operators are still struggling."

To solve these issues, Min explained that he adopted a pre-submission, post-review approach for the 'Digital Asset Basic Law.' Min said, "For bills that need to be reviewed quickly, I thought it was right to present something preemptively and then go through a review to propose the final bill," and "I will gather many opinions here to propose the final version."