South Korean committee chair calls for prioritizing virtual asset laws

The chairman of the South Korean National Assembly's Political Affairs Committee, Yoo Dong-soo of the ruling Democratic Party, stated today that virtual asset legislation must be treated as a key priority. Speaking at a committee meeting, Yoo said that issues including a basic act on digital assets, capital market volatility, unfair contractual relationships, and protections for the self-employed are matters that "we recognize must be addressed with the utmost seriousness." According to a report by Digital Asset, fellow Democratic Party lawmaker Lee Kang-il noted at the same meeting that legislation concerning digital assets had been under discussion for a significant time but failed to pass during the committee's previous term. He added that market sentiment has "completely shifted from expectation to disappointment" and urged his colleagues to focus on regaining momentum for the legislative efforts.