South Korea is the latest country looking to pass its digital asset law, a report says. The country’s national assembly has failed many times to pass the law but seems set now to finally pass it by April this year.
According to Kim Hee-gon, a member of the Political Affairs Committee’s first subcommittee, the chances of passing the law is very high this time as members have finally agreed to resolve their differences concerning the bill.
“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,” a local news media quoted Hee-gon as saying.
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Terra Collapse Informs Need for Legislation
Before now, the digital asset bill in South Korea has not received much attention, probably because legislators didn’t see any need for it. However with the collapse of Terra whose CEO Do Kwon was recently arrested, the need for a regulatory framework for industry has become obvious.
Indeed, the passage of the bill is so urgent that the lawmakers are expected to go back and revise the details after the hurried passage next month.
Is South Korea the Next Crypto Hub?
Recent trends have shown that parts of the world with clear regulatory guidelines become crypto hubs in no time.
The Hong Kong region of China is on its way to becoming one, and so is Australia, both of which have shown interest in bringing up regulatory guidelines for crypto. As South Korea is hurriedly passing its own bill now, could this make it next crypto hub?