"Digital Asset Basic Act, Reflecting Supplementary Opinions...Expecting Quick Implementation"

As the first industry law 'Digital Asset Basic Act', which expands the scope from the Virtual Asset (Cryptocurrency) User Protection Act, is expected to be proposed next month, positive evaluations of the draft have emerged.

On the 24th, Attorney Sangyoung Lee of YK Law Firm, who attended the 'Digital Asset Basic Act Review' seminar hosted by Min Byung-deok, a member of the Democratic Party of Korea, at the 1st Seminar Room of the National Assembly Members' Office Building in Yeouido, evaluated that "this Digital Asset Basic Act seems to have incorporated most of the supplementary opinions from the previous Virtual Asset User Protection Act."

Attorney Lee said, "This Digital Asset Basic Act seems to have referred to the Capital Markets Act a lot," adding, "Nevertheless, considering the uniqueness of virtual assets, it seems that parts of the regulations from the existing capital markets have been selectively applied or excluded."

There was also a positive evaluation of including a civilian chairman in the launch of the 'Digital Asset Committee' under the Financial Services Commission. Attorney Lee explained, "Including a civilian chairman along with the Chairman of the Financial Services Commission in the deliberative decision-making body, the Digital Asset Committee, seems to be aimed at the sound development of the industry," adding, "It is a persuasive direction to secure market autonomy and establish unified standards."