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South Korean National Assembly to Pass Digital Asset Law in April – Regulation Bitcoin News

March 31, 2023

After several failed attempts in the past, the South Korean National Assembly is now expected to pass its digital asset market regulation in April, a report has said. Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, said the prospects of this happening were bolstered after members agreed to narrow 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 stated in the report, the passage of the bill by the legislative body’s Political Affairs Committee has raised hopes that the South Korean legislators will finally pass the law after several failed attempts.

South Korea’s prospects for finally passing a law that governs digital assets were raised after Rep. Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, revealed that opposition and ruling party members had narrowed their differences.

“On March 28th, the 1st subcommittee sorted out the issues of the bills and narrowed the differences between the members, so it is expected that the bill will be passed in April,” Hee-gon reportedly 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 claimed the atmosphere created by the collapse of Terraform Labs highlighted to legislators the importance of having laws governing the digital asset industry. Besides the latest draft bill, South Korean lawmakers are also said to have discussed the previous 18 bills relating to virtual assets.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.