South Korea’s National Assembly is moving closer to a formal hearing process on digital-asset legislation after Political Affairs Committee chair Yoo Dong-soo said senior members of the two main parties should coordinate plans for a public hearing on the Digital Asset Framework Act.
Yoo made the remark on Aug. 26 at a full committee meeting, where debate over the pace of crypto-related lawmaking resurfaced. The discussion followed pressure from Democratic Party lawmaker Min Byung-duk, who argued that legislation covering stablecoins and digital finance innovation should not be pushed back any further.
Committee leadership signals next step
Yoo, who chairs the National Assembly’s Political Affairs Committee and is also a Democratic Party lawmaker, said the committee holds a particularly important role because of its influence on the national economy. In that setting, he said the committee’s senior figures from the ruling and opposition camps should work out how to proceed with a public hearing on the Digital Asset Framework Act.
The issue was raised during a full committee meeting attended by Financial Services Commission Chairman Lee Eok-weon and Vice Chairman Kwon Dae-young, placing financial regulators in the room as lawmakers discussed the legislative path for the proposed framework.
Min Byung-duk presses for faster action
The immediate push came from Min Byung-duk, another Democratic Party lawmaker, who used the meeting to call for quicker movement on the issue. Min said measures related to stablecoins and innovation in digital finance should no longer be delayed.
He also urged lawmakers to move swiftly on arranging a public hearing for the Digital Asset Framework Act, framing the hearing as a necessary step in advancing the broader legislative process.
Government draft may arrive in September
Attention is now focused on the government’s own version of the Digital Asset Framework Act. According to speculation cited around the process, that draft could be submitted to the National Assembly in September, which would give lawmakers a more concrete basis for the next phase of debate.
Yoo said he intends to introduce a new framework bill as soon as he receives the government draft. That indicates he is preparing to move quickly once the executive branch sends its proposal to parliament.
How the bills could be handled
If Yoo files a bill that reflects the government’s proposal, it would not move through the Assembly in isolation. Instead, it is expected to be reviewed alongside bills that have already been proposed on the same subject.
The next confirmed step from the committee side is planning for a public hearing, provided senior members of the two major parties can agree on how to organize it. A government submission in September, if it happens, would likely shape both that discussion and the scope of any consolidated review of digital-asset legislation.
Source: en.bloomingbit.io