South Korea plans stablecoin rules as opposition pushes crypto tax repeal

South Korea’s Financial Services Commission (FSC) reportedly plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, giving lawmakers a government-backed proposal covering stablecoins and the broader cryptocurrency market after months of delays.According to an Edaily report published Wednesday, the FSC told the National Assembly ahead of a policy briefing that it intends to introduce a consolidated bill. The proposal would reportedly cover stablecoin issuance and circulation, digital asset business rules, exchange entry requirements, disclosures, internal controls and system-resilience standards.A consolidated government-ruling party proposal could provide a central framework for negotiations. At the moment, 10 separate digital asset and stablecoin bills are already pending in Parliament, while disagreements have prevented South Korea from settling key elements of its second-stage crypto legislation. The FSC has not finalized when or how the consolidated bill will be introduced. Key disputes remain over whether won-denominated stablecoin issuers should be majority bank-owned and whether ownership limits should apply to major crypto exchanges. Opposit...