South Korea's National Assembly postpones discussions on digital asset basic law again

According to TechM, the first bill review subcommittee convened by the South Korean National Assembly on the morning of February 27 failed to discuss the Digital Assets Basic Act. Seventeen virtual asset-related bills were proposed at the meeting, but discussions were delayed due to changes to the capital market law. At present, neither the "Legislative Proposal to Restore the Fairness of the Digital Asset Market and Create a Safe Trading Environment" nor the "Bill to Regulate the Unfair Trading of Virtual Assets" in Congress has been discussed. Both bills include: (1) Applicable to offshore activities Offshore regulations; (2) Prohibition of unfair trade practices, such as the use of undisclosed material information, market manipulation and unfair trade practices; (3) By empowering the Financial Services Commission to monitor the virtual asset market, conduct inspections and enforce penalties, Protect investors and regulate unfair practices. According to TechM, South Korean politicians have stated that they will formulate a basic law on digital assets within the last year, but the discussion has been postponed many times.