South Korea's Crypto Bill Advances Amid Tax Dispute

South Korea's Financial Services Commission (FSC) is working on a new 'crypto' bill that will cover stablecoins and digital asset exchanges, while opposition lawmakers seek to repeal the planned 22% tax on digital currency income.

The FSC plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, which would include regulations for stablecoin issuance and circulation, as well as rules for digital asset businesses, exchanges, and internal controls.

However, disagreements over key elements of South Korea's second-stage digital currency legislation have stalled progress on related bills in Parliament. The FSC has not announced when or how the consolidated bill will be introduced.