Oh Jong-wook, CEO of Wavebridge, proposed three legislative recommendations for digital asset regulation at a parliamentary seminar held on May 22 at the National Assembly Members' Hall in Yeouido-dong, Yeongdeungpo-gu, Seoul. The proposals include government release of a Digital Asset Basic Act draft within June–July, codification of conditions for foreign stablecoin circulation, and clarification of the legal basis for liquidity providers and token brokerage. The seminar, titled 'Global Digital Asset Institutionalization Trends and Korea's Legislative Direction', focused on aligning Korea's regulatory framework with global digital asset developments.
Oh Jong-wook Proposes Three Legislative Measures for Digital Asset Regulation
Oh Jong-wook presented three specific proposals during the seminar. First, he requested the government to release and advance a Digital Asset Basic Act draft within June–July. Oh stated that even an imperfect law would allow the industry to recognize the framework for business operations, enabling liquidity to circulate. Second, he called for codification of conditions for foreign stablecoin circulation in Korea and establishment of institutional infrastructure. Third, he emphasized the need to clarify the legal basis for liquidity providers and token brokerage in the Digital Asset Basic Act. Oh noted that financial institutions require actual trading liquidity to enter the market, and that slippage of over 2–3% occurs when purchasing 10 billion won worth of Bitcoin on exchanges.
Wavebridge CEO Emphasizes Shift to Codified Legal Framework
Oh Jong-wook highlighted the transition from case-by-case enforcement to a codified legal system as the most important change in the U.S., referencing the GENIUS Act and CLARITY Act. He stated that the U.S. is strongly pursuing legislation with the November midterm elections as a political deadline, and that Singapore, Hong Kong, UAE, and Japan have established structures where laws are created first and institutions operate within that framework. Oh described Korea's current reality as financial companies conducting business based on speculation without any guidance on which licenses permit which activities. He concluded by stating that Korea has not missed the opportunity, describing the current year as the potential 'true first year' and noting that Korea's high-level IT infrastructure provides a final chance to compete with global Wall Street in the digital asset market.
FAQ
What did Oh Jong-wook propose at the May 22 seminar in Seoul?
Oh Jong-wook proposed three legislative recommendations: government release of a Digital Asset Basic Act draft within June–July, codification of conditions for foreign stablecoin circulation and establishment of institutional infrastructure, and clarification of the legal basis for liquidity providers and token brokerage in the Basic Act.
Why did Wavebridge CEO emphasize the need for a Digital Asset Basic Act?
Oh Jong-wook stated that even an imperfect law would allow the industry to recognize the framework for business operations, enabling collaboration between startups, securities firms, asset management companies, and banks, which would allow liquidity to circulate in the industry.
