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FollowingTLDR
The Financial Commission of Korea plans to work with the ruling party to promote the integrated formulation of the Basic Law on Digital Assets.
What will the new bill cover?
The Basic Law on Digital Assets jointly promoted by the Korea Financial Commission and the ruling party plans to integrate the ten existing pending digital asset and stablecoin bills. The bill will clarify the definition of digital asset companies, standardize exchange operating standards and information disclosure requirements, and also cover regulatory frameworks such as internal control systems and system stability. Finance Chairman Li Fuyuan said that digital asset legislation should be completed within 2026, and emphasized the need to strengthen anti-money laundering regulations related to stablecoins.
South Korea has previously implemented the Virtual Asset User Protection Law, which mainly involves custody business and unfair trading behavior. On this basis, the new bill will further expand the scope of supervision and regulate issuers, service providers and the overall market structure.
The remaining core points of controversy
There are differences on the qualifications of issuers of won pegged stablecoins: Some views advocate that bank-led groups hold at least 50% of the shares, and the Bank of Korea supports banks to play a leading role, believing that stablecoins may affect monetary and financial stability; while other lawmakers and industry groups advocate allowing non-bank institutions to participate in issuance if they are licensed and meet reserve requirements.
There is still no consensus on shareholding limits on large cryptocurrency exchanges, and the issue has not been finalized since it was discussed in March. In addition, the specific submission time of the new bill has not yet been announced, and the wording of the provisions is still being revised.
While advancing the new bill, the cryptocurrency tax controversy continues to simmer. Opposition lawmaker Song Yanxi proposed a bill to abolish the tax provisions on digital asset transfers and borrowing income, arguing that the current tax policy is unfair to crypto investors-most stock earnings still enjoy tax-free treatment. According to current law, 20% national tax and 2% local tax will be levied on annual cryptocurrency revenue exceeding 2.5 million won. This policy is scheduled to take effect on January 1, 2027, and its implementation has been postponed three times before.
The State Administration of Taxation has established a department specifically responsible for the taxation of digital assets and has begun to formulate relevant guidelines. A public petition calling for the tax to be repealed has received more than 50,000 signatures and is currently awaiting review by the petition review committee. Whether it is the abolition of the bill or the new digital asset framework, both need to be reviewed by the committee. As of the policy briefing on July 29, the relevant committee has not yet been fully established. If the legislature does not intervene, the 22% cryptocurrency gains tax will be officially implemented from January 1, 2027.
