"Even the First Half Looks Difficult for the Digital Asset Basic Act"...Domestic Debate Still Stalled [Crypto Briefing]

According to The Financial News, the second-phase legislation for virtual assets, the Digital Asset Basic Act, is now highly likely to be pushed back beyond the first half of this year. As global markets accelerate the introduction of full-scale regulatory frameworks, industry voices are growing louder that swift legislation is needed to remove uncertainty.
As of the 30th, industry sources and political insiders say the Digital Asset Basic Act has not been placed on the agenda for the National Policy Committee's Bill Review Subcommittee meetings scheduled for the 31st and next month. In addition, no dates have yet been set for meetings of the Democratic Party of Korea (DPK) Digital Asset Task Force or for party-government consultations.
The Digital Asset Task Force had planned to hold a party-government meeting with the Financial Services Commission and other financial authorities on the 5th to discuss the final draft of the Digital Asset Basic Act. However, after the meeting was postponed indefinitely due to the outbreak of the Middle East crisis, there has not been a single follow-up session on the bill.
Some observers now predict the legislation will slip past the first half of the year. The Middle East crisis is still unresolved, and the 22nd National Assembly of the Republic of Korea is about to form its committees for the second half of its term. The first half of the 22nd National Assembly ends on May 29, and the second-half committee formation is expected to proceed once the June local elections are over. When that happens, the National Policy Committee, which has jurisdiction over the Digital Asset Basic Act, as well as the members of the Digital Asset Task Force, are likely to change.
Another variable is the upcoming change of the Bank of Korea (BOK) governor, who has consistently maintained the "51% bank equity rule" for Korean won stablecoins. The current governor, Rhee Chang-yong, serves until the 20th of next month. Considering the time needed for the new governor to take office, receive briefings, and form policy positions, substantial party-government discussions within the first half appear unlikely.
A member of the Digital Asset Task Force noted, "With local elections approaching, there are many urgent issues related to people's livelihoods and the economy," and added, "As of now, no schedule has been set for anything related to the Digital Asset Basic Act."
Industry players are voicing concern over the delayed timing of the legislation. Discussions that began last year have already been pushed back by several months, yet key details that directly affect exchange operations—such as measures to prevent erroneous Bitcoin overpayments and limits on controlling shareholders' equity stakes in exchanges—have not been finalized. Dunamu, which is pursuing a comprehensive share swap with Naver, faces particularly difficult decisions as it heads into a shareholders' meeting on May 22 with regulatory uncertainty still unresolved.
Critics also argue that Korea is falling behind the global standard in terms of the pace of debate. In the United States, after last year's enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), lawmakers have recently been accelerating work on the Digital Asset Market Clarity Act of 2025, which defines the structural framework of the virtual asset market. Although there are still differences between the industry and policymakers over whether interest can be paid on stablecoins, the US Congress continues to engage in active discussions.
An official from the virtual asset industry remarked, "Debate on the Digital Asset Basic Act began last year, and because it has already been carried over into the new year, it must be passed this year," adding, "If it slips beyond the first half, passage this year could become uncertain, and concern is growing across the industry."
yimsh0214@fnnews.com Reporter Lim Sang-hyuk Reporter