Discussion on South Korea's Phase 2 virtual asset law remains stalled

Although South Korea's ruling and opposition parties have agreed to convene the National Policy Committee's first subcommittee on bills later this month, discussions on the country's Phase 2 virtual asset legislation are unlikely to proceed, Chosun Biz reported. The Democratic Party had initially planned to finalize the government's draft of the bill, tentatively known as the Digital Asset Basic Act, during a party-government consultation last month. However, that meeting was indefinitely postponed as the government shifted its focus to responding to the U.S.-Iran war.