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Tony Chung
@jayc_BM
Head of BD of @with_blockmedia Korean Crypto Institution, Regulation
Joined May 2024
1.9K Following    2.1K Followers
FSC Chairman Lee Eok-won told the newly-reconstituted Financial Services Committee today that a unified Digital Asset Basic Act will be filed, with the government committing again to completing legislation this year. This is the first FSC briefing since the committee's full lineup was finalized on July 23. The consolidated bill covers three areas: industry (defining digital asset business categories, conduct rules, stablecoin issuance/distribution framework), market (exchange entry requirements, disclosure system for issuance and trading), and users (financial-institution-grade internal controls and system stability requirements). No timing or filing method confirmed yet. Corporate market opening is moving in parallel and explicitly tied to the same legislation. FSC's crypto division head said he's personally positive about corporate market access happening within the year, that would mark the first meaningful loosening of the "geumga-bunri" financial-crypto separation rule in nine years, dating back to 2017 under the Moon administration. Ten separate digital asset and stablecoin bills are currently pending in the Assembly, from DP's Min Byung-deok (first filed June 2024), Ahn Do-gul, Kim Hyun-jung, Lee Kang-il, Park Sang-hyuk, and PPP's Kim Eun-hye, Kim Jae-seop, Choi Bo-yoon, Lee Sung-kwon, and Kim Sung-won. New committee chair Yoo Dong-soo announced subcommittees will now meet twice monthly per each of two subcommittees, an explicit speed commitment, after Park Min-kyu noted this committee had the fewest bills passed of any committee in the previous Assembly half.
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