South Korea FSC Plans Basic Digital Assets Act Amid Crypto Tax Repeal Bill Deliberation

FSC to draft unified digital asset law covering stablecoins and exchanges, while opposition pushes to repeal 2027 crypto income tax before implementation.

Woofun AI reports that South Korea’s Financial Services Commission intends to draft a unified "Basic Digital Assets Act" in collaboration with the ruling Democratic Party. The proposed legislation will address stablecoin issuance and circulation, digital asset business rules, exchange listing requirements, information disclosure, internal controls, and system resilience standards.

Meanwhile, the National Assembly’s Planning and Finance Committee is set to deliberate on an opposition party bill seeking to abolish the crypto income tax scheduled for January 1, 2027. Current regulations impose a 20% national tax plus a 2% local tax on annual crypto gains exceeding 2.5 million Korean won.