South Korea's ruling party targets January for new crypto bill introduction

South Korea's ruling Democratic Party is pushing to introduce its second-phase virtual asset legislation, known as the Digital Asset Basic Act, by January, the Maeil Business Newspaper reported. On Dec. 11, Rep. Kang Jun-hyeon, a ranking member of the National Assembly's National Policy Committee, told reporters that waiting for the government's version of the bill would make a timely review impossible. He emphasized the need to introduce the legislation by January. If the bill is introduced as planned, a formal review is expected to begin during an extraordinary parliamentary session in February following a deliberation period.