South Korea Plans State Crypto Asset Law After MiCA

South Korea's Ministry of Finance and Economy said July 15 in a joint work-report package that it plans to establish a National Asset Basic Act to overhaul how the government manages state-owned assets. The law would bring virtual assets, including cryptocurrencies, under the same reporting and disclosure framework as real estate and financial securities for the first time.

The ministry said the act aims to close a gap in the current Public Property and Commodity Management Act, which does not cover digital assets. State agencies that hold or trade crypto would have to report holdings, valuations, and transactions under the new regime, according to the work report.

The announcement follows the European Union's Markets in Crypto-Assets (MiCA) regulation, which took full effect in June. South Korea's approach mirrors MiCA's emphasis on transparency and classification, though the ministry did not specify a timeline for legislative submission.

South Korea already requires crypto exchanges to register with financial authorities and report suspicious transactions. The new law would extend similar obligations to government entities, a shift from the current patchwork of internal guidelines.

The ministry said it will consult with the Financial Services Commission and the Korea Financial Intelligence Unit during the drafting process. No draft bill has been published yet.