South Korea Tries Again with Consolidated Crypto Rules Amid Tax Repeal Push

The South Korean government is planning to draft a consolidated Digital Asset Basic Act that would cover stablecoin issuance and circulation, digital asset business rules, and exchange entry requirements. The Financial Services Commission (FSC) aims to provide a central framework for negotiations after months of delays. Currently, there are 10 separate bills pending in Parliament.

The FSC has not finalized when or how the consolidated bill will be introduced, but it is expected to address key disputes over won-denominated stablecoin issuers and ownership limits on major crypto exchanges.

Separately, an opposition bill that would abolish South Korea's crypto income tax before its January 1, 2027 implementation is set to go before the National Assembly's Finance and Economic Planning Committee. The Income Tax Act amendment aims to delete the provision taxing income from transferring or lending digital assets.