South Korea advances ‘crypto’ bill, tax fight continues

Homepage > News > Finance > South Korea advances ‘crypto’ bill, tax fight continues South Korea’s Financial Services Commission (FSC) is planning to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, which would cover stablecoins and digital asset exchanges, while opposition lawmakers seek to repeal the 22% digital currency tax due in 2027. According to the FSC, the proposal would include stablecoin issuance and circulation, digital asset business rules, exchange entry requirements, disclosures, internal controls, and system-resilience standards. Ten separate digital asset and stablecoin bills is still pending in Parliament, while disagreements have prevented South Korea from advancing key elements of its second-stage digital currency legislation. The FSC has yet to announce when or how the consolidated bill will be introduced. Ongoing debates exist regarding whether banks should primarily own won-denominated stablecoin issuers and whether ownership restrictions should be placed on major digital currency exchanges. Meanwhile, the National Assembly’s Finance and Economic Planning Committee is scheduled to review the opposition bill to abolish Sou...