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South Korea moves toward consolidated stablecoin and crypto bill
The plan would cover stablecoin issuance, exchanges, disclosures and system resilience, while lawmakers also consider a repeal of a 22% crypto income tax set to start in 2027.
South Korea’s Financial Services Commission (FSC) reportedly plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, aiming to create a central framework for stablecoin rules and broader cryptocurrency oversight after delays in earlier legislation. Cointelegraph reports the FSC told the National Assembly ahead of a policy briefing that it intends to introduce the consolidated bill.
According to the report, the proposed legislation would cover stablecoin issuance and circulation, rules for digital asset businesses, exchange entry requirements, disclosure obligations, internal controls, and system resilience standards. It also notes that 10 separate digital asset and stablecoin bills are currently pending in Parliament, with disagreements stalling progress on second-stage reforms.
Key disputes highlighted by Cointelegraph include whether won-denominated stablecoin issuers should be majority bank-owned and whether ownership limits should apply to major crypto exchanges. The FSC has not finalized timing or the exact approach for introducing the consolidated bill, the outlet added.
Separately, South Korea’s National Assembly Finance and Economic Planning Committee was scheduled to table an opposition bill that would abolish a 22% crypto income tax before its Jan. 1, 2027 implementation. Cointelegraph says the Income Tax Act amendment was introduced on March 19 by People Power Party lawmaker Song Eon-seok, and a petition backed by more than 50,000 people is expected to go before a petitions subcommittee.