South Korea's Digital Asset Basic Act Headed to National Assembly, Committee Chair Says

South Korea's government-drafted Digital Asset Basic Act will be submitted to the National Assembly soon, according to Rep. Yoo Dong-soo, chair of the Assembly's Political Affairs Committee, who pledged on Nov. 12 to accelerate its enactment through bipartisan agreement.

Yoo made the announcement in a congratulatory address at a seminar titled "Digital Assets: The Era of Institutions Is Coming," held at the National Assembly Members' Office Building in Seoul's Yeouido district. He said the government's version of the bill would reach the Assembly shortly and that he would work to ensure the basic law is properly prepared based on agreement between the ruling and opposition parties.

What did Yoo identify as the core legislative task?

Yoo framed the law's central challenge as balancing industry promotion against user protection. The most important issue, he said, is finding equilibrium between growth and competitiveness on one hand and financial consumer protection on the other in determining how digital assets should be handled.

He argued that as digital assets drive structural changes in the financial industry, South Korea needs an institutional foundation to harness new technologies while managing the risks that accompany them. The stated aim is a legal framework that supports the industry's growth potential rather than one that simply introduces regulation.

Why did Yoo tie crypto policy to national financial standing?

Yoo linked the competitiveness of the digital asset industry directly to the country's broader financial competitiveness. He cited the won's roughly 2% share of the global currency market as evidence of the country's limited footprint in traditional finance.

If the digital asset industry fails to maintain its edge, Yoo warned, South Korea's influence in traditional financial markets could weaken further. The comparison positions crypto legislation as a lever for financial relevance rather than a narrow sectoral issue.

How will the committee handle the bipartisan process?

Yoo emphasized the Political Affairs Committee's bipartisan cooperation and said the Digital Asset Basic Act would advance only after sufficient discussion between the two parties. The approach, he said, would take into account both industry development and investor protection.

He also committed to incorporating external input into the drafting process. Opinions presented at the Nov. 12 seminar, he said, would be reflected in the legislative work and would play an important role in shaping the final statute.

What happens next?

The bill's submission to the National Assembly opens the committee-stage negotiation that will determine its final scope. Yoo's stated priority is swift enactment based on cross-party consensus, with seminar feedback feeding into the text as discussions proceed.