South Korea’s Financial Services Commission is planning to draft a unified government bill for a Digital Asset Basic Act together with the ruling Democratic Party, according to Edaily. The proposed legislation would cover stablecoin issuance and circulation, operating rules for digital asset businesses, exchange entry requirements, disclosure obligations, internal controls, and system resilience standards.
The move comes as 10 related bills are already pending in the National Assembly, but lawmakers have yet to settle key disputes, including whether issuers of won-denominated stablecoins must be bank-controlled and whether major exchanges should face shareholding restrictions. The FSC has not set a timeline for submitting the bill.
At the same time, a revision bill to abolish crypto income tax, proposed in March by People Power Party lawmaker Song Eon-seok, was sent on Wednesday to the National Assembly’s Strategy and Finance Committee. A separate petition backed by more than 50,000 people calling for the tax to be scrapped is also expected to be reviewed. Under the current plan, gains from crypto transfers or lending above 2.5 million won per year will be subject to a 20% income tax plus a 2% local tax starting Jan. 1, 2027.
South Korea’s Financial Services Commission (FSC) plans to work with the ruling Democratic Party on a unified government bill for a Digital Asset Basic Act, according to Edaily.
The proposed bill would cover stablecoin issuance and circulation, rules for digital asset businesses, exchange entry requirements, disclosure, internal controls, and system resilience standards.
Key issues remain unsettled
Ten related bills are already pending in the National Assembly. Still, no agreement has been reached on major points, including whether issuers of won-based stablecoins must be controlled by banks and whether major exchanges should face shareholding restrictions. The FSC has not decided when it will submit the bill.
Crypto tax debate is moving in parallel
Separately, a revision bill to abolish the crypto income tax, proposed in March by People Power Party lawmaker Song Eon-seok, was referred on Wednesday to the National Assembly’s Strategy and Finance Committee for review.
Another petition, backed by more than 50,000 people and calling for the tax to be scrapped, is also expected to be sent to the petition subcommittee.
Under the current plan, income from crypto transfers or lending above 2.5 million won per year will be subject to a 20% income tax plus a 2% local tax starting Jan. 1, 2027. The government and the ruling party support keeping that schedule, while the opposition argues that taxing crypto is unfair when most ordinary stock investors still remain exempt.
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