South Korea is developing a new law for managing state-owned assets to accommodate new asset classes, including cryptocurrencies.
The country's Ministry of Finance and Economy said during Wednesday's primary briefing at the President's Blue House that it will establish the "National Asset Basic Act" to update the government's asset management system.
The ministry explained that the existing State Property Act, established in 1950, was designed for the real estate-centric asset structure of that era.
The framework will encompass new asset classes, such as intellectual property and virtual assets, while strengthening the specialized management and development of state assets by category, the ministry said.
Under the new framework, South Korea aims to shift state-owned property management from a legacy focus on preservation, sale, and basic development to a model centered on value creation.
