Democratic Party says digital asset framework bill hearing to proceed in late September

Min Byoung-dug, senior vice chair of the Democratic Party’s policy committee, said a public hearing on a basic law for digital assets will go ahead as scheduled in late September regardless of whether the government submits its own bill. Speaking to Maeil Business Newspaper after a debate on crypto asset taxation held at the National Assembly today, Min said the hearing would be held in late September whether the government proposal arrives or not. Regarding South Korea’s Financial Services Commission’s plan to submit the government bill to the National Assembly’s Political Affairs Committee in early September, Min said it may come in a somewhat eased form, signaling possible relaxation of rules limiting the equity stakes of major shareholders in crypto exchanges, an issue widely cited as a key sticking point behind delays in establishing a legal framework for the bill.