Preparing Legislation for the Digital Asset Basic Act
Developing Policies to Appeal to Young Voters
On May 13, the Democratic Party of Korea held the inaugural meeting of the Digital Asset Committee under its election campaign headquarters. This marks the committee's first official event and is seen as an effort to appeal to young voters who are interested in virtual asset investment.
At the meeting held at the National Assembly Members' Office Building, Yoon Yeojoon, Chief Executive Campaign Chair, stated, "The development of the digital asset market and the protection of investors must be achieved simultaneously. We should also actively utilize stablecoins to make a leap toward becoming a global hub." He added, "The Digital Asset Committee is not merely a forum for discussing laws and regulations, but a venue for designing national strategies to lead the digital economy. We must enact the Digital Asset Basic Act as soon as possible."
Min Byungdeok, Chair of the Digital Asset Committee, emphasized, "The digital asset market has now become an important component of the national economy that can no longer be left unattended on a mere institutional basis." He continued, "It is time to actively push for the enactment of the Digital Asset Basic Act, which balances user protection and industry development."
The Digital Asset Committee includes representatives from major domestic exchanges such as Upbit, Bithumb, Korbit, and GOPAX, as well as experts including Do Kyusang, Head of Economic Research at Samjong KPMG, Lee Hodong, Special Professor at Sogang University, Choi Seongrak, Head of SR Economic Research Institute, and Ryu Yanghun, former Tax Judge at the Office for Government Policy Coordination. The committee will be divided into the Industrial Innovation Growth Committee, which will focus on establishing an industrial base and fostering an innovation ecosystem, and the Policy and Institutional Support Committee, which will handle virtual asset-related entry, regulation, consumer protection, and institutional improvement. These committees will work on policy development and building cooperative systems with the private sector.
Chair Min unveiled the draft of the first Digital Asset Basic Act bill on April 24. The bill defines digital assets as assets with economic value represented in digital form on a distributed ledger that can be traded or transferred. Digital assets are classified into stablecoins, which are pegged to the value of a currency and guarantee redemption, and general digital assets, with stablecoins required to obtain approval from the Financial Services Commission. At a bill review meeting on May 1, many participants suggested that the Digital Asset Committee should be established as a presidential advisory body. This was due to criticism that placing it under the Financial Services Commission would undermine its independence and fail to reflect industry diversity.
Previously, on May 6, presidential candidate Lee Jaemyung pledged the introduction of spot virtual asset ETFs as a youth policy promise. Lee stated, "We will introduce spot virtual asset ETFs and establish an integrated monitoring system to create a safe virtual asset investment environment," adding, "We will also work to lower transaction fees." He further said, "I will create opportunities so that young people can work freely, grow their assets, and live without worries," and, "I will open the way for young people to use the strength they spend enduring today to design a hopeful tomorrow."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
