There have been several unsuccessful attempts in the past, but it is now believed that the South Korean National Assembly is set to pass the digital asset market regulation in April. Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, reported that the odds of this happening had been improved after legislators managed to settle their differences.
Politicians Resolve Their Differences
As reported by Korean media, the South Korean National Assembly is likely to pass the digital asset market regulation bill. According to the report, the passage of the bill by the legislature’s Political Affairs Committee has raised hopes that the country will experience a revival of digital asset laws after numerous failed attempts.
South Korea’s prospects of eventually passing a law that governs digital assets were raised after Rep. Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, reported that opposition and ruling party members had closed the gap between them.
“On March 28th, the 1st subcommittee organized the issues of the bills and closed the differences between the members, so it is expected that the bill will be passed in April,” Hee-gon said.
The representative, however, suggested that after the bill’s passage legislators may have to go “through the process of revising the details.”
Meanwhile, analysts quoted in the Korean language report said that the atmosphere created by the collapse of Terraform Labs had highlighted to legislators the importance of having regulations that govern the digital asset sector. Furthermore, the latest draft bill and 18 previous bills related to virtual assets were also discussed by lawmakers.
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