South Korea to bring digital assets under new state asset management system
South Korea’s Economy Ministry plans to include digital assets and intellectual property under the country’s new state-asset management framework.
South Korea plans to adopt the National Asset Basic Act to update the country’s state asset management system from the outdated State Property Act of 1950.
The Ministry of Economy and Finance (MOEF) hopes to modernize the management of national assets and explicitly includes digital assets and intellectual property, broadening the definition of state assets, the MOEF announced during a briefing at the President’s Blue House on Wednesday.
As part of the reform, the ministry also reiterated plans to tokenize government bonds on a blockchain to reduce transaction, as part of a 2027 pilot project. It also plans to explore the tokenization of state-owned real estate to encourage retail participation and share part of the generated returns with the public.