South Korea to modify 76-year-old law to classify cryptocurrencies as national assets

South Korea plans to update its 76-year-old nationalist plus absorption strategy to formally see virtual currencies and intelligence spot successful the country’s explanation of nationalist assets, according to the Ministry of Economy and Finance’s economical argumentation roadmap released Wednesday.

The connection contemplates revising the National Property Act, which dates backmost to 1950, and includes plans to make a broader ineligible model for managing state-owned assets. The ministry reiterated plans to commencement a aviator programme for tokenized authorities bonds successful 2027, saying blockchain exertion has the imaginable to trim transaction costs and velocity up transfers.

Officials are besides studying the tokenization of state-owned existent property to let retail investors to enactment and stock successful concern returns, according to the plan.

The announcement builds connected South Korea’s broader propulsion to bring blockchain into nationalist finance. Earlier this year, the Finance Ministry said it would begin investigating tokenized deposits for authorities spending successful the 4th quarter. The Bank of Korea has already started trials of its cardinal slope integer currency (CBDC) with commercialized banks.

The authorities said it plans to link tokenized authorities bonds to the Bank of Korea’s CBDC infrastructure during the 2027 aviator and volition survey interoperability betwixt the cardinal bank’s blockchain web and different distributed ledger platforms.

Amendments to the Capital Markets Act and the Electronic Act are scheduled to instrumentality effect connected Feb. 4, 2027, giving blockchain-ledger systems ineligible designation arsenic information registries.