Democratic Party: "We will swiftly promote the 'Coin Basic Act'... Will systematize the ecosystem"

The Democratic Party of Korea has announced its intention to expedite the enactment of the 'Digital Asset Basic Act'.

Representative Kang Jun-hyun of the Democratic Party stated at the 'Digital Asset Innovation Bill Public Briefing' held at the National Assembly Members' Office Building in Seoul on the 17th, "While the market is quickly responding to changes, the National Assembly is failing to keep up," and made these remarks. Kang added, "The Basic Act is almost ready," saying, "We plan to introduce the Basic Act as early as next month."

Previously, Representative Min Byung-deok of the Democratic Party introduced the Digital Asset Basic Act on the 10th. The act to be proposed by Representative Kang is a separate bill from the one proposed by Representative Min.

Kang emphasized, "Revitalizing the digital asset ecosystem is one of the main goals of the National Assembly Political Affairs Committee." He also said, "The Commercial Act is the constitution of the capital market," adding, "The Digital Asset Basic Act will also become the constitution of the (virtual asset industry)."

Representative Yoo Dong-soo of the Democratic Party also stressed his commitment to enacting the Basic Act. Yoo remarked, "The (virtual asset) market is currently dominated by the United States, with significant advances ahead," and pointed out, "South Korea's policies are lacking, so we have missed opportunities to lead the global market." He added, "The government will provide support so that we can maintain our competitiveness in the digital asset market, which is being reorganized around the United States following the inauguration of the Trump administration."