In a landmark move for the South Korean cryptocurrency industry, the Cryptocurrency User Protection Law (also known as the Cryptocurrency Investor Protection Law) has been successfully passed by the Legal Affairs Committee, which marks a momentous milestone in the legislative process for digital assets.

In the wake of the May 11 verdict by the Political Affairs Committee, the rapid and unanimous passage of the Cryptocurrency Investor Protection Act through the Legal Affairs Committee on June 29 has crossed what is often known as the “ninth part of a steep hill”. ‘ in the law-making process. This progress suggests a high probability that the law will be approved in the plenary session of the National Assembly, given the absence of partisan disagreement.

If enacted, this legislation will be the first comprehensive cryptocurrency-related law since the Specific Financial Transaction Information Act. The legislation aims to provide a clear and secure framework for investors in digital assets, addressing their protection and rights within the burgeoning cryptocurrency sector.

The progression of this law through the legislative process marks a crucial step for the virtual asset (cryptocurrency) industry. Its possible enactment in the National Assembly supports a growing recognition of digital currencies and the need for regulatory measures to ensure their safe use.

The meeting at the main National Assembly building in Yeouido, Seoul highlighted the importance of this law for the protection of cryptocurrency users, a fact that is being closely watched by investors and industry experts alike.