South Korea is preparing a major overhaul of how it manages government-owned assets by introducing a new legal framework that will formally recognize cryptocurrencies as part of the state’s asset portfolio. The proposed National Asset Basic Act aims to modernize the country’s decades-old asset management system and expand it beyond traditional holdings such as real estate.
The Ministry of Economy and Finance announced the initiative during a government policy briefing, saying the current State Property Act, which dates back to 1950, no longer reflects the diversity of assets held by the government. The new legislation would extend state asset management rules to c over emerging asset classes, including intellectual property and virtual assets.
Modernizing State Asset Management
Under the proposed framework, the government plans to shift its focus from simply preserving and disposing of public assets to actively creating value from them. Officials said the National Asset Basic Act will establish specialized management standards for different categories of state-owned assets, allowing digital assets to be handled within a unified legal structure.
The proposal follows broader efforts by South Korea to modernize its digital asset regulations. Policymakers have increasingly viewed cryptocurrencies and blockchain technology as strategic sectors capable of supporting long-term economic growth. The government has also continued work on the Digital Asset Basic Act, a separate legislative initiative designed to create a comprehensive regulatory framework for the domestic cryptocurrency and stablecoin industry.
Broader Digital Asset Strategy
The planned legislation arrives as South Korea expands its focus on blockchain innovation alongside investments in artificial intelligence. Government officials have reaffirmed plans to strengthen the country’s blockchain ecosystem, advance central bank digital currency research, and develop clearer rules for digital asset businesses.
If enacted, the National Asset Basic Act would provide legal recognition for government-held cryptocurrencies and other digital assets, while laying the foundation for future standards covering valuation, custody, auditing, and disposal procedures. Although lawmakers have yet to release detailed implementation rules, the proposal signals that digital assets are becoming an increasingly important component of South Korea’s public asset management strategy.
