South Korean National Assembly to Pass Digital Asset Law in April – According to a Korean media report, the country’s National Assembly is now anticipated to pass the bill regulating the digital asset market. According to the source, the passage of the measure by the Political Affairs Committee of the parliamentary body has increased optimism that the South Korean legislators will finally enact the law after multiple failed attempts.
Rep. Kim Hee-gon, a member of the first subcommittee of the Political Affairs Committee, disclosed that opposition and ruling party members had addressed their differences. As a result, the country’s chances of enacting a legislation governing digital assets improved.
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“On March 28th, the 1st subcommittee sorted out the issues of the bills and narrowed the differences between the members, so it is expected that the bill will be passed in April,” Hee-gon reportedly said. The representative, however, suggested that after the bill’s passage legislators may have to go “through the process of revising the details.”
Analysts cited in a Korean-language newspaper asserted that the atmosphere created by the collapse of Terraform Labs emphasized to lawmakers the need for laws governing the digital asset market. In addition to the most recent draft measure, MPs in South Korea are said to have considered the previous 18 bills pertaining to virtual assets.