After several failed attempts in the past, South Korea’s National Assembly is now expected to approve its regulation of the digital asset market in April, according to a report. Kim Hee-gon, a member of the first subcommittee of the Political Affairs Committee, said the prospects of this happening increased after the members agreed to reduce their differences..
Politicians narrow their differences
According to a Korean media report, the country’s National Assembly is now expected to pass the digital asset market regulation bill. As indicated in the report, the approval of the bill by the Political Affairs Committee of the legislative body has raised hopes that South Korean lawmakers will finally pass the law after several failed attempts.
South Korea’s prospects of finally passing a law governing digital assets emerged after Rep. Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, revealed that members of the ruling and opposition parties had reduced their differences.
“On March 28, the first subcommittee resolved the issues of the bills and narrowed the differences between the members, so the bill is expected to be passed in April,” Hee-gon said.
The representative, however, suggested that after the bill passes, lawmakers might have to go “through the process of reviewing the details.”
Meanwhile, analysts quoted in the Korean-language report said that the atmosphere created by the collapse of Terraform Labs highlighted to lawmakers the importance of having laws governing the digital asset industry. In addition to the latest bill, South Korean lawmakers are said to have also discussed the previous 18 bills related to virtual assets.
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