South Korea's FSC Plans to Draft a Basic Digital Assets Act; Opposition Party's Crypto Tax Repeal Bill Enters Deliberation
2026-07-29 03:49
Odaily Planet Daily News: The Financial Services Commission (FSC) of South Korea plans to work with the ruling Democratic Party to draft a unified "Basic Digital Assets Act," covering stablecoin issuance and circulation, digital asset business rules, exchange listing requirements, information disclosure, internal controls, and system resilience standards.
Currently, there are 10 digital asset and stablecoin-related bills pending in the South Korean National Assembly. The FSC has yet to determine the timing and method for submitting the unified bill. Key points of disagreement include whether issuers of Korean won-pegged stablecoins should be required to have majority ownership by banks, and whether major crypto exchanges should be subject to ownership restrictions.
The National Assembly's Planning and Finance Committee plans to deliberate an income tax law amendment proposed by the opposition party, which seeks to abolish the crypto income tax before its implementation on January 1, 2027. Under the current arrangement, an annual income exceeding 2.5 million Korean won from the transfer or lending of crypto assets is subject to a 20% tax plus a 2% local income tax.
Currently, there are 10 digital asset and stablecoin-related bills pending in the South Korean National Assembly. The FSC has yet to determine the timing and method for submitting the unified bill. Key points of disagreement include whether issuers of Korean won-pegged stablecoins should be required to have majority ownership by banks, and whether major crypto exchanges should be subject to ownership restrictions.
The National Assembly's Planning and Finance Committee plans to deliberate an income tax law amendment proposed by the opposition party, which seeks to abolish the crypto income tax before its implementation on January 1, 2027. Under the current arrangement, an annual income exceeding 2.5 million Korean won from the transfer or lending of crypto assets is subject to a 20% tax plus a 2% local income tax.
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