Digital Asset Basic Act proposed to bolster Korea as global leader of Web3: Expert

Korea’s Digital Asset Basic Act can be aligned with European Union Markets in Crypto-Assets Regulation (MiCA) requirements for transparency, custody and disclosure, facilitating cross-border access to tokenized markets, according to a blockchain-based settlement service provider expert. The Korean bill, proposed by Rep. Min Byoung-dug of the ruling Democratic Party of Korea (DPK) in June, outlines the legal definition and regulatory framework of the digital asset industry. This bill defines digital assets as “electronically transferable” and “created and stored using distributed ledger technology.” It categorizes virtual assets into two main types: stablecoins and general digital assets. The bill seeks to provide clear guidelines on how digital assets should be treated in the legal system, regulations while ensuring transparency, security and accountability within the growing industry of digital assets. MiCA is a regulatory framework introduced by the EU to regulate digital assets and cryptocurrencies. Initially proposed in 2020, it was approved by the European Parliament in 20Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times