Rep. Min Byung-deok: “Digital Assets, Quick Response Needed Despite Risks”

# Swift Response Needed for Digital Asset Market, South Korean Lawmaker Urges Review and response to the digital asset market must be expedited, according to South Korean lawmaker Min Byung-deok of the Democratic Party. Min expressed regret over not having embraced the digital asset market with an open attitude in the past, and he emphasized the necessity for prompt action despite potential drawbacks. The forum titled "Why Have Domestic Digital Asset Exchanges Lost Global Competitiveness?" was hosted on the 12th at the third meeting room of the National Assembly House of Representatives and was co-organized by Rep. Min's office and the Korea Blockchain Industry Promotion Association. At the seminar, Rep. Min stated, "There were times in 2018 and 2020 when we did not approach the digital asset market with an open mind. Had we taken a more proactive stance then, we could be leading the field now." He noted that although he introduced a basic digital asset law in 2022, it failed to pass, and a virtual asset user protection law was enacted subsequently. Min pointed out the limitations of current legislation. "The Virtual Asset User Protection Act focuses solely on user protection rather than industry promotion," he said, noting that regulations under the Specific Financial Information Act only address issues related to criminal funding. He observed that evolved forms such as token securities (STOs) and real-world assets (RWAs) are emerging over time, suggesting that digital assets may handle areas that traditional finance cannot resolve. Min also mentioned that discussions about dollar-based and won-based stablecoins are expanding, with the U.S. playing a pioneering role under former President Trump. Min urged to view phenomena without bias and to maintain an open attitude toward new developments, advocating for the rapid passage of the STO Act and the Basic Digital Asset Act. "The direction of domestic digital asset policy is correct, but the pace is too slow," he said, revealing that the Democratic Party has formed a Special Committee on Digital Assets to rapidly devise solutions with experts from various fields. "We don’t need to wait for the market to be completely overhauled. We must quickly undertake necessary reviews and actions despite potential side effects," Min argued. He highlighted South Korea’s excellent internet technology as a potential foundation to dominate the digital asset market and expressed hope for a clear policy direction on digital assets once the current political chaos stabilizes. "Digital assets target the global market, so domestic and global competitiveness are equivalent," Min concluded.