Rep. Kim Jae-seop Introduces Digital Asset Market Integration Act as Principal Sponsor
Summary
- Kim Jae-seop's Digital Asset Market Integration Act was reported to be the third virtual asset industry bill.
- The bill was reported to include operator licensing and registration, regulation of unfair trading, stablecoin issuance and redemption obligations, and special provisions for virtual asset derivatives.
- In particular, it was reported to allow domestic virtual asset exchanges to operate derivatives markets and to establish investor protection measures such as strengthening stablecoin redemption obligations.
Kim Jae-seop of the People Power Party has introduced the Digital Asset Market Integration Act as the principal sponsor. The bill is the third virtual asset industry bill submitted to the National Assembly.
On the 24th (local time), industry sources said Kim Jae-seop introduced the 'Digital Asset Market Integration Act' as the principal sponsor. The bill includes △operator licensing and registration system △protection of user assets △regulation of unfair trading △stablecoin issuance and redemption obligations △special provisions for virtual asset derivatives, among others.
In particular, it is notable that domestic virtual asset exchanges would be allowed to legally operate derivatives markets. For stablecoins, issuance authorization requirements are strengthened and investor protection measures were also put in place, such as imposing an obligation to redeem within 5 days upon a redemption request.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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