"I really hope the Digital Asset Basic Act gets passed soon. If the government at least released its own draft, we could have some sense of direction. Right now, we are literally on the verge of dying out."
These are the words of a cryptocurrency industry official I recently met. With legislative discussions stalled for an extended period, the entire industry has effectively ground to a halt, the official lamented. Without resolution of regulatory uncertainty, launching new businesses — let alone expanding existing services — has become nearly impossible.
The Digital Asset Basic Act was originally pursued with the goal of promoting the industry. However, recent discussions suggest that the law's original purpose is gradually fading. Regulatory flashpoints such as caps on exchange major shareholders' stakes and qualification requirements for stablecoin issuance have taken center stage, shifting market attention from promotion to restriction. Clashing interests have prevented the legislative debate from gaining momentum.
The essence of this law lies not in regulation but in building a framework for the industry. Its core purpose is to bring diverse service areas — collective management, discretionary management, advisory, and quasi-advisory businesses — into the institutional fold, thereby expanding business opportunities across the sector. This carries significance beyond simply permitting new businesses; it marks a starting point for recognizing digital assets as a full-fledged industry and building an ecosystem around them.
The problem is that debate has become mired in specific contentious issues, pushing these fundamentals to the back burner. The more the bill's focus remains stuck on individual regulations, the more the industry loses direction and shrinks. Without clear standards, companies defer investment and innovation. This inevitably leads to diminished vitality across the market.
Other countries are already moving quickly. In the United States, major financial infrastructure players including Nasdaq and the New York Stock Exchange have begun tokenizing stocks. Stablecoin-related legislation was put in place in July last year. Japan is also expanding its market by introducing yen-based stablecoins. While Korea hesitates, the global market is being reshaped.
The Digital Asset Basic Act is a task that can no longer be postponed. It is time to swiftly establish a framework for industry promotion true to the law's original purpose. What is needed now is not more debate but a decisive commitment to setting a direction.