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South Korea plans stablecoin rules as opposition pushes crypto tax repeal
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South Korea plans stablecoin rules as opposition pushes crypto tax repeal South Korea’s Financial Services Commission (FSC) reportedly plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, giving lawmakers a government-backed proposal covering stablecoins and the broader cryptocurrency market after months of delays. According to an Edaily report published Wednesday, the FSC told the National Assembly ahead of a policy briefing that it intends to introduce a consolidated bill. The proposal would reportedly cover stablecoin issuance and circulation, digital asset business rules, exchange entry requirements, disclosures, internal controls and system-resilience standards. A consolidated government-ruling party proposal could provide a central framework for negotiations. At the moment, 10 separate digital asset and stablecoin bills are pending in Parliament, while disagreements have prevented South Korea from settling key elements of its second-stage crypto legislation. The FSC has not finalized when or how the consolidated bill will be introduced. Key disputes remain over whether won-denominated stablecoin issuers should be majority bank-owned and whether ownership limits should apply to major crypto exchanges. Opposition crypto tax repeal bill heads for review Separately, the National Assembly’s Finance and Economic Planning Committee was scheduled to discuss an opposition bill on Wednesday that would abolish South Korea’s crypto income tax before its Jan. 1, 2027 implementation. The Income Tax Act amendment was introduced on March 19 by People Power Party lawmaker Song Eon-seok. It aims to delete the provision taxing income from transferring or lending digital assets. It is expected to be referred to the committee’s tax subcommittee for detailed consideration, Edaily reported. A separate repeal petition backed by more than 50,000 people is also expected to go before a petitions subcommittee. However, neither subcommittee has been fully constituted, and no review dates have been set. From Jan. 1, 2027, income from transferring or lending crypto exceeding 2.5 million won (about $1,700) annually is set to face a 20% tax plus a 2% local income tax. The government and ruling Democratic Party support implementing the tax, while the opposition argues that taxing crypto while most ordinary stock investors remain exempt is unfair. On May 7, the Finance Ministry said the tax would proceed after repeated delays.