South Korea’s Financial Services Commission said it plans to accelerate submission of the government’s Digital Asset Basic Act bill so detailed debate can begin at a National Assembly subcommittee in November.

The update came from Seo Na-yoon, head of the FSC’s Virtual Asset Division, during a September 22 seminar at the National Assembly. Seo said the agency wants the bill to move forward quickly, while also stressing that the regulator has not yet settled the substance of key provisions now under discussion.

FSC signals faster legislative push

Speaking at a seminar titled “U.S. Crypto-Asset Financing Policy and South Korea’s Digital Asset Legislative Challenges” in the National Assembly’s First Seminar Room, Seo said the FSC shares the view that discussion should take place at the subcommittee level in November.

According to Seo, the commission wants the bill to pass as quickly as possible. Her remarks indicate the government is trying to align the timing of its submission with a more substantive legislative review later this year, rather than leaving the measure at a preliminary stage.

Bill framed as broader market law

Seo said the Digital Asset Basic Act is intended to go beyond a narrow set of controversial issues and instead provide a wider legal framework for the digital-asset market. In her description, that framework would cover issuance, distribution and rules for market entry.

She said attention in media coverage has centered largely on the most disputed points. But, in her account, both lawmakers’ bills and the framework being examined by the FSC are designed to address the full structure of how digital assets are issued and distributed, with market-entry regulation also part of the discussion.

Regulator says details remain open

At the same time, Seo rejected suggestions that the government has already fixed its position on the underlying policy details. She said there is no case in which the FSC, at the government level, has already reached a conclusion.

That caveat is significant because it leaves open the content of the eventual bill even as the commission pushes to move it into the legislative process. The FSC’s message was that the timetable for discussion may be accelerating, but the finer points are still being worked through inside the agency.

What comes next

The next confirmed milestone mentioned by the FSC is substantive discussion at a National Assembly subcommittee in November. For now, the commission’s position is that the government bill should be submitted quickly enough to allow that debate to begin.

Until then, uncertainty remains over how the final draft will handle the issues now being examined under the broader headings of issuance, distribution and market-entry regulation. Seo’s comments made clear that those details are still under discussion rather than settled policy.

Source: en.bloomingbit.io