South Korea Unifies Crypto Rules as Tax Repeal Looms

The Financial Services Commission of South Korea is planning to consolidate fragmented crypto rules into a single legislative package, according to an Edaily report. The move comes after months of delays and uncertainty over how stablecoins and digital assets will be regulated under the country's next phase of crypto legislation.

Lawmakers are also set to consider a proposal to repeal the planned crypto income tax before it takes effect in 2027, which could become another flashpoint in South Korea's evolving policy debate around digital assets. The current rules have multiple separate bills pending in Parliament, but unresolved disagreements have delayed progress on its second-stage crypto framework.

The FSC plans to work with the ruling Democratic Party on a consolidated Digital Asset Basic Act covering stablecoins and wider market conduct. This includes addressing issues such as stablecoin issuance and circulation, exchange entry requirements, disclosure obligations, internal controls, and system-resilience standards.