South Korea’s proposed Digital Asset Basic Act has entered what BlockBeats described as the last submission window for this month, but the legislative schedule has already slipped. The Financial Services Commission had planned to submit the bill within September under the name of National Assembly Political Affairs Committee chair Ryu Dong-su, yet that timetable has been delayed. The ruling party still plans to hold a hearing later this month, though the event could end up repeating earlier discussions if the government-backed proposal is not filed in time. Missing the September window could push the bill deeper into the legislative calendar, as October will bring a national audit and budget review, raising the possibility that final passage may not come until the first half of next year. Separately, the Democratic Party has proposed an amendment to the Capital Markets Act that would allow non-monetary assets such as real estate, artworks and intellectual property rights to be issued as trust beneficiary securities. That bill is expected to be reviewed on Sept. 15. The party also called for a fresh review of the January start date for virtual asset taxation, citing technical difficulties in automatically linking wallet, airdrop and hard fork data to tax authorities, while also proposing a higher basic deduction and loss carryforward deductions.
South Korea’s government-backed Digital Asset Basic Act has entered the final submission window for this month, but its legislative timetable has already been delayed, according to BlockBeats.
The Financial Services Commission had originally planned to submit the bill within September under the name of Ryu Dong-su, chair of the National Assembly’s Political Affairs Committee. That schedule has now been pushed back.
The ruling party still plans to hold a hearing later this month. If the government bill is not submitted, however, the hearing could end up repeating earlier discussions.
Passage could slip into next year
If the bill misses the September window, its final passage could be pushed into the first half of next year because October will be occupied by a national audit and deliberations over the budget bill.
Democratic Party also advances related proposals
The Democratic Party has separately proposed an amendment to the Capital Markets Act that would allow non-monetary assets, including real estate, artworks and intellectual property rights, to be issued as trust beneficiary securities. The measure is expected to be discussed on Sept. 15 by the bill subcommittee of the National Assembly’s Political Affairs Committee.
The party also called for a fresh review of the planned January implementation date for virtual asset taxation next year. It said information tied to on-chain wallets, airdrops and hard forks is difficult to automatically connect with tax authorities. It also proposed raising the basic deduction and introducing loss carryforward deductions.
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