Kang Joon-hyun: "It's Time to Establish a Basic Law for Digital Assets"

Kang Joon-hyun, a member of the Democratic Party of Korea, speaks at the 'National Assembly Forum for the Establishment of a Basic Law for Digital Assets' held at the National Assembly on the 6th. /Photo by Jinwook Bloomingbit Reporter

Kang Joon-hyun, the secretary of the National Assembly Political Affairs Committee (fourth from the right in the photo), argued on the 6th that as global interest in digital assets is rising, it is time for South Korea to establish a basic law for digital assets.

Kang participated in the 'National Assembly Forum for the Establishment of a Basic Law for Digital Assets' held at the Yeouido National Assembly Building's 9th conference room, stating, "U.S. President Donald Trump has expressed his intention to make the virtual asset (cryptocurrency) industry a key growth engine for the nation, actively promoting virtual asset policies such as the strategic reserve assetization of Bitcoin (BTC) and the establishment of a virtual asset advisory committee under the Presidential Office," emphasizing the importance of digital assets.

However, he expressed that the domestic digital asset-related system is "insufficient."

Kang pointed out, "The domestic market has also grown significantly in the virtual asset market. The market capitalization is about 110 trillion won, the daily trading amount is close to 15 trillion won, and the number of users reaches 8 million," but also noted, "There are still unfair trading practices, and there are limitations in preventing and remedying user damages."

He also highlighted the difficulty of domestic institutions entering the virtual asset market as an issue that needs to be addressed.

Kang explained, "As financial companies and corporations are unable to enter the market, speculative and aggressive investments centered on individual investors are rampant," adding, "Although there are laws concerning user protection, a fundamental law for the industry is needed."