South Korea's FSC Plans Digital Assets Basic Law; Opposition Party's Crypto Tax Repeal Bill Enters Review

According to Odaily, South Korea's Financial Services Commission (FSC) plans to draft a unified Digital Assets Basic Law with the ruling Democratic Party, covering stablecoin issuance and circulation, business rules, exchange access requirements, information disclosure, internal controls, and system resilience standards. The FSC has not yet confirmed submission timing.

Meanwhile, the National Assembly's Planning and Finance Committee will review a crypto tax repeal amendment proposed by the opposition party, which would eliminate crypto income tax before its January 1, 2027 implementation date. Currently, crypto asset transfers or loans generating income exceeding 2.5 million won annually are subject to 20% income tax plus 2% local income tax.