South Korea’s FSC, ruling party hold private talks on Digital Asset Basic Act

South Korea’s Financial Services Commission has resumed work on a second-stage virtual asset law, widely referred to as the Digital Asset Basic Act, and plans to pursue a member-sponsored bill under the name of National Policy Committee Chair Yoo Dong-soo, Yonhap Infomax reported. According to South Korean financial authorities and the National Assembly on Aug. 13, the FSC met privately late last month with Yoo, the ruling Democratic Party’s chair of the National Assembly’s Political Affairs Committee, and ruling party floor member Park Sang-hyuk to discuss ways to advance the Digital Asset Basic Act. A financial industry official said the participants agreed that, because the bill involves clear points of contention and differing views, prior coordination within the ruling party would be needed to minimize friction at the subcommittee stage.