As legislation for the Digital Asset Basic Act continues to be delayed, a People Power Party member of the Political Affairs Committee raised suspicions that former Cheong Wa Dae Jeong Chaek (Head) Kim Yong-bum may have exerted some kind of influence. The Financial Services Commission stated that it is in the final stages of legislation and expressed its intention to promptly submit the government's final draft to the National Assembly.
During the national audit of the Financial Services Commission by the National Assembly Political Affairs Committee held on the 8th at the Seoul Yeouido National Assembly, Yeo Ya (Rep.)s repeatedly pointed out the continuously delayed Digital Asset Basic Act. People Power Party lawmaker Park Sung-hoon questioned whether former Cheong Wa Dae Jeong Chaek (Head) Kim Yong-bum had exerted influence regarding the 'major shareholder shareholding limit provision.'
Park (Rep.) stated, "Before former Director Kim Yong-bum took the position of Jeong Chaek (Head), he served as the head of Hashed Open Research, which can be called a think tank (research institute) for the virtual asset company Hashed," and claimed, "As a result, there are many criticisms suggesting that invisible upper-level intervention occurred in the policy formulation process regarding the major shareholder shareholding limit provision, or that the policy was designed in a way favorable to Hashed."
Park (Rep.) also expressed dissatisfaction that the Financial Services Commission has not submitted relevant materials on what background led to the consideration of the major shareholder shareholding limit provision. He said, "There is no material whatsoever submitted regarding what basis this clause was newly established on, how the criteria were calculated, or how prior consultations with the private investment industry were conducted," adding, "Ultimately, one cannot help but suspect that it was tailored according to specific interests."
The Democratic Party pointed out that the government's pace in submitting the bill is too slow. Democratic Party lawmaker Min Byung-deok urged prompt submission of the bill, stating, "By January 18 next year, U.S. stablecoins will flood in, and if we legislate after that, we will have nothing to say about the market."
Financial Services Commission Chair Lee Eui-woon said, "We are currently drafting the proposal and will provide it as quickly as possible," adding, "Since we are in the final stages of coordination, I will expedite the process and do my utmost to complete it as soon as possible."
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