South Korea Unifies Crypto Framework Ahead of 22% Tax

The Financial Services Commission (FSC) in South Korea is moving forward with a comprehensive digital asset framework that aims to regulate stablecoins, exchanges, and disclosures. The proposed bill would unify 10 pending proposals and establish rules for stablecoin issuance and circulation.

The FSC plans to coordinate a single government-backed proposal with the ruling Democratic Party, which could serve as the main text for negotiations. This move follows South Korea's broader effort to create a full digital asset framework, including stronger anti-money laundering rules for stablecoins.

One central dispute remains unresolved: whether issuers of won-backed stablecoins must be controlled by bank-led consortiums holding at least 50% plus one share. The Bank of Korea supports giving banks a leading role in this matter.