South Korea advances crypto bill as 22% tax nears

South Korea’s Financial Services Commission told the National Assembly ahead of a July 29 policy briefing that it plans to prepare a consolidated Digital Asset Basic Act with the ruling Democratic Party. Summary 10 pending digital asset bills could be folded into a government-ruling party proposal this year. 22% crypto tax remains scheduled for January 2027 despite the opposition’s repeal bill and petition. 2.5 million won annual exemption would apply before South Korea taxes qualifying digital asset income. The proposed framework would cover stablecoins, exchanges, disclosures, internal controls and system resilience. Separately, the National Assembly’s Finance and Economic Planning Committee was scheduled to table an opposition amendment seeking to remove the crypto income tax before its Jan. 1, 2027 start date. Neither proposal has changed current law. South Korea stablecoin bill would unify 10 proposals The FSC’s planned bill would establish rules for stablecoin issuance and circulation, define digital asset businesses and regulate their conduct. It would also set exchange entry standards, disclosure requirements and controls intended to protect users and maintain reliable trad...