South Korea Expected to Pass Digital Asset Law in April

According to South Korean media reports, the country’s National Assembly is expected to pass a bill to regulate the digital asset market in April next year. South Korea’s Political Affairs Committee passed the bill, raising hopes that South Korean lawmakers would eventually pass the law after repeated failures.

South Korea raised the prospect of passing a digital asset management law after Representative Kim Hee-kun, a member of the Political Affairs Committee, revealed that lawmakers from the opposition and ruling parties had narrowed differences in policy stances.

“On March 28, the subcommittee resolved the issues with the bill, narrowing the differences among members so that the bill is expected to pass in April.

However, Hee-gon said lawmakers may have to go through a “refinement and revision process” after the bill is passed.

Meanwhile, the Korean-language analysts cited in the report said Terraform Labs’ collapse underscores the importance for lawmakers of regulation of the digital asset industry. In addition to the latest draft law, South Korean lawmakers are said to have discussed 18 previous bills related to virtual assets.

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