South Korea's Digital Asset Basic Act legislative timeline uncertain, may be delayed to the first half of next year

Odaily News: South Korea's digital asset institutionalization process this week once again focused on two major directions: legislation and infrastructure development. According to South Korean Democratic Party lawmaker Min Byeong-deok (민병덕), speaking at a seminar, the "Digital Asset Basic Act" will be pushed for enactment within the year, with a public hearing planned for this month, and formal legislative review to commence in November after the completion of the parliamentary audit. However, considering that the National Assembly will still conduct parliamentary audits and budget reviews and other procedures, the legislative timeline may also be delayed to the first half of next year. In addition, South Korea's Financial Services Commission has announced a phased implementation roadmap for security tokens (STO), and financial institutions are also advancing tokenization system testing and global infrastructure cooperation. South Korea's digital asset regulation is gradually shifting from institutional discussion to the implementation preparation stage. (MK)