Lee Kang-il Aims for Passage of Virtual Asset Basic Law in December

Lee Kang-il, a member of the Democratic Party, urged for the swift processing of the Virtual Asset Basic Law and stated that he would work towards its passage in the National Assembly this year. At a discussion held on December 2 at the National Assembly Library titled 'Emergency Review and Discussion on the Competitiveness of the Domestic Digital Asset Market in the AI Era,' he said, "If it doesn't happen this year, we must ensure that this bill passes in January or February next year." He expressed regret over the delays in establishing regulations related to digital assets and emphasized the impact of regulatory changes in the United States on the domestic industry and financial market. Lee pointed out, "From February in the U.S., the timing for resolving this issue will come, won't it?" He highlighted that the lack of a basic legal framework is a significant problem. He explained that the organization of digital asset regulations is a task to respond to changes in the global financial order, predicting that changes in the digital financial market, such as stablecoins, will determine national competitiveness. Regarding the legislative direction, he stressed the need to first establish a basic legal framework, stating, "We need to create a basic framework to discuss how to expand within it." Lee is one of the lawmakers who proposed legislation related to digital assets and stated that he would do his best to achieve visible results by the end of this year.

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