South Korea Drafts Law to Add Cryptocurrencies to State Asset Ledger

South Korea is moving to formally classify cryptocurrencies as state-owned assets under a proposed overhaul of its public asset management rules, a step that would bring virtual assets into the government’s official portfolio alongside more traditional holdings. The Ministry of Finance and Economy presented the plan in a Wednesday policy briefing at the President’s Blue House, outlining legislation titled the National Asset Basic Act. Officials said the bill is intended to replace the State Property Act, enacted in 1950 when government assets were largely limited to land and buildings. Under the draft framework, the government would recognize virtual assets and intellectual property as categories of state-owned assets. The ministry also plans to introduce management standards tailored to different asset types, moving away from a one-size-fits-all approach. Policy officials said the overhaul would shift the focus of public asset management from simple preservation and disposal toward value creation and more efficient utilization of government-owned holdings. They described the National Asset Basic Act as a legal foundation for managing a wider and increasingly complex range of assets, including emerging classes beyond real estate. The proposal is one of the clearest signals yet that digital assets are being incorporated into South Korea’s longer-term public finance strategy, reframing cryptocurrencies from purely private investment instruments to assets that can be managed within the state system. The legislation also fits into the government’s broader economic agenda for the second half of 2026. At a Monday State Council meeting, the ministry reiterated plans to expand the country’s blockchain and digital asset economy, positioning blockchain as a contributor to future growth alongside artificial intelligence. As part of that agenda, South Korea plans to push ahead with its central bank digital currency (CBDC) project. Lawmakers are also continuing work on a separate bill, the Digital Asset Basic Act, which is expected to set clearer legal standards for companies operating in the crypto sector and establish a dedicated regulatory framework for stablecoins as their adoption grows. Taken together, the National Asset Basic Act and the Digital Asset Basic Act reflect Seoul’s dual-track approach: integrating cryptocurrencies into state asset management while building specialized rules for the private-sector digital asset market. Officials see the initiatives as part of a wider modernization of the country’s financial infrastructure and a move toward a more structured blockchain ecosystem.