Crypto● Neutral
South Korea Plans Single Crypto Law as 2027 Tax Nears
The FSC wants to consolidate ten separate bills into a single Digital Asset Basic Act. A 22% crypto tax is set for January 2027 unless lawmakers intervene.
Continue with
South Korea is moving ahead with plans for a new crypto law. The Financial Services Commission told the National Assembly it wants to build a single Digital Asset Basic Act, consolidating ten separate bills already sitting in the legislature.
The announcement came ahead of a July 29 policy briefing. The FSC said it would work with the ruling Democratic Party to combine proposals covering stablecoins, exchanges, disclosure requirements, internal controls, and system resilience into one text lawmakers can negotiate from.
FSC Chairman Lee Eog-weon has said digital asset legislation should be finished during 2026. He wants stronger anti-money-laundering rules included for stablecoins.
South Korea already has the Virtual Asset User Protection Act, which mostly covers custody and unfair trading practices. The new bill would go further, regulating issuers, service providers, and the broader market structure.
Stablecoin issuer rules remain a sticking point. Some lawmakers want issuers of won-backed stablecoins controlled by bank-led groups holding at least 50% plus one share. The Bank of Korea supports giving banks a leading role, arguing stablecoins could affect monetary and financial stability. Other legislators and industry groups want to allow non-bank companies to issue stablecoins too, with licenses and reserve requirements.
Lawmakers also have not settled whether ownership limits should apply to large crypto exchanges. The question was discussed in March but never resolved.