Ahn Do-geol, a legislator from the Democratic Party of Korea, stated that expanding corporate participation in the digital asset market will serve as an opportunity to enhance market trust and competitiveness beyond merely broadening investment targets, emphasizing the need to expedite institutional preparations and legislation of the Digital Asset Basic Law. On the 23rd, Ahn made these remarks at the 'New Beginning for a Trusted Digital Asset Market in the Era of Institutional Investors' conference held at the National Assembly Members' Hall in Yeongdeungpo-gu, Seoul, saying the digital asset market is entering a new phase where institutional investors and corporations participate together beyond individual-centered transactions. He stated that corporate market opening is not simply a policy to increase new investment opportunities, but that corporate participation will become important infrastructure to expand market liquidity, enhance price discovery functions, and strengthen the stability and trust of the digital asset market. The Financial Services Commission announced a roadmap for phased corporate market participation and institutional improvement directions in February, though subsequent follow-up measures have not progressed as rapidly as expected.
Ahn Highlights Corporate Participation Benefits for Market Stability
Ahn Do-geol speaks at the digital asset conference on the 23rd. Source: Park Jae-yeon/Digital Asset
Ahn stated that when the digital asset market becomes fully activated, growth in related industries such as custody, asset management, and digital payments will also be promoted, potentially elevating the competitiveness of South Korea's digital finance industry to the next level. He diagnosed that major overseas financial markets already have institutional investors and companies incorporating digital assets into their investment portfolios, and global financial firms are expanding digital asset management, custody, and tokenization businesses to create a new financial order. Ahn emphasized that South Korea cannot fall behind in these changes and must expedite institutional preparations for corporate market opening.
Legislator Calls for Custody Systems and Internal Control Standards
Ahn stated that in the process of opening new markets, various risks and concerns exist together, and simply opening the market is not sufficient. He said creating a sustainable and safe market environment is most important. To achieve this, he stated that a custody system capable of safely storing and managing digital assets must be established, and institutional foundations to secure market trust such as conflict-of-interest prevention mechanisms, external monitoring systems, and internal control standards must be prepared together.
Financial Services Commission Announced Roadmap in February
The Financial Services Commission announced a roadmap for phased corporate market participation and institutional improvement directions in February. Ahn noted that subsequent follow-up measures have not progressed as rapidly as expected. He stated that what is important now is completing the roadmap into actual systems. Given that the government has announced its position to pursue prompt discussion of the Digital Asset Basic Law through the second-half economic growth strategy, Ahn emphasized that the National Assembly must also accelerate legislative discussions. He stated that corporate market opening and building a safe digital asset ecosystem are not separate tasks — both must be pursued together, and only by establishing clear regulations and systems supporting innovation can South Korea lead in global digital finance competition.
FAQ
What did Ahn Do-geol emphasize at the conference on the 23rd?
Ahn Do-geol emphasized that expanding corporate participation in the digital asset market will enhance market trust and competitiveness beyond merely broadening investment targets, and called for expediting institutional preparations and legislation of the Digital Asset Basic Law.
When did the Financial Services Commission announce the corporate participation roadmap?
The Financial Services Commission announced the roadmap for phased corporate market participation and institutional improvement directions in February, though Ahn noted that subsequent follow-up measures have not progressed as rapidly as expected.
What institutional foundations did Ahn state are necessary for the digital asset market?
Ahn stated that a custody system capable of safely storing and managing digital assets must be established, along with conflict-of-interest prevention mechanisms, external monitoring systems, and internal control standards to secure market trust.
