South Korea to include crypto in state asset law

South Korea announced plans on July 15 to formally incorporate virtual assets into its national wealth management framework, a major step toward integrating cryptocurrencies into the country's core financial system. The Ministry of Economy and Finance unveiled the proposal for a new National Asset Basic Act during a policy briefing at the presidential Blue House, aiming to replace the 1950 State Property Act, which is centered on real estate.

The proposed law would expand the definition of state assets to include intellectual property, financial assets, and virtual assets, moving from a model focused on preservation and sale to one officials describe as "value creation." A joint public-private task force will now draft the legislation, determining specifics such as custody, valuation, and disposal procedures for government-held crypto. The ministry stated the current framework is outdated for a diversified public balance sheet.

This initiative is part of a broader digital asset strategy revealed earlier this week. The government's economic growth plan for the second half of 2026 includes passing a comprehensive Digital Asset Framework Act to establish rules for the sector, grant...