South Korea is working on a new law aimed at improving the management of government-owned assets while making room for newly emerging asset types, including cryptocurrencies.
During a briefing held at the President’s Blue House on Wednesday, the Ministry of Finance and Economy said it would introduce the “National Asset Basic Act” as part of efforts to overhaul the state’s current asset management framework.
The ministry said the current State Property Act, introduced in 1950, was created for a period when government assets were largely centred on real estate.
It added that the new framework would cover emerging asset categories, including intellectual property and virtual assets, while improving the specialised management and utilisation of state-owned assets based on their individual characteristics.
South Korea’s proposed framework seeks to move state asset management away from a traditional approach focused mainly on preservation, disposal and basic development towards a system that prioritises creating greater value from public assets.
At Monday’s State Council meeting, the ministry reaffirmed its plans to support the growth of the country’s blockchain and digital asset sectors, while maintaining a stronger focus on artificial intelligence development.
The ministry also announced plans to promote the blockchain industry as part of South Korea’s economic growth strategy for the second half of 2026.
The measures include expanding the central bank digital currency (CBDC) initiative and advancing the Digital Asset Basic Act, a proposed legal framework aimed at regulating and supporting the country’s cryptocurrency and stablecoin markets.
