South Korea plans stablecoin rules as opposition pushes crypto tax repeal
South Korea's Financial Services Commission plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, aiming to provide a central legislative framework for stablecoins and the broader cryptocurrency market. The proposed bill would cover stablecoin issuance, business rules, exchange requirements, and other key areas, seeking to resolve ongoing parliamentary disagreements over multiple pending digital asset bills. Key disputes remain, including whether won-denominated stablecoin issuers should be bank-owned.
Separately, an opposition bill seeks to repeal South Korea's planned crypto income tax before its scheduled implementation on January 1, 2027. The tax would impose a 22% levy on annual crypto gains exceeding 2.5 million won (approx. $1,700). While the government supports the tax, the opposition argues it is unfair as most ordinary stock investors are exempt. The repeal bill is now under committee review.
cointelegraphIeri 13:56
