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South Korea plans to bring the Digital Asset Framework Act in 2024 under the leadership of the new government led by Yoon Seok-youl, known for his Bitcoin-friendly and anti-feminism stance. The President also aims to include Initial coin offerings (ICOs), among many things it will give approval to.
South Korea to propose legislation in 2023
As per a new report from local media, the government of South Korea will propose legislation for the regulation of cryptocurrencies in 2023 and plans to implement the entire framework by 2024. However, delays are possible in case another revision is needed at that time.
The government has prepared an implementation plan to enact the Digital Assets Basic Act, and this is the first time that an annual implementation plan has been made public. According to the ‘National Task Implementation Plan’ of the Presidential Takeover Committee obtained by the Kookmin Ilbo, a daily newspaper in South Korea, on May 11, the plan is to integrate regulations by 2024.
The government of South Korea will actively participate in the National Assembly discussion for enacting the Digital Asset Framework Act this year and next year.
It is also important to note that currently, the enactment of the Basic Law on Digital Assets is pending in the National Assembly. However, the goal of the government is to create an infrastructure where investors can put in their money with confidence.
Government confirms the existence of the draft bill
As per the report from local media, the government of South Korea has confirmed the existence of the draft bill. However, it is not final, and changes will be made in the near future. The draft includes regulatory frameworks to protect investors and introduce regulations for issuance, listing, and marketing activities of digital assets, which will also include non-fungible tokens popularly known as NFTs.
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