South Korea · Democrats · The Block
South Korea's long-awaited crypto regulatory framework is in the final stages of government consultations
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◎ Multiple-sources
Lee Eog-weon, chairman of the Financial Services Commission, said Thursday during a parliamentary hearing that discussions on the Digital Asset Basic Act were nearing completion and that the government will work to introduce it as soon as possible, local news outlet Bloomingbit reported.
Key facts
- The tax program, targeted to take effect on Jan. 1, 2027, has already been delayed three times due to controversy over fairness and underdeveloped infrastructure
- Lee Eog-weon, chairman of the Financial Services Commission, said Thursday during a parliamentary hearing that discussions on the Digital Asset Basic Act were nearing completion
- In May, a petition seeking to repeal the planned tax reached the 50,000-signature threshold required to trigger a legislative review, under the rules of the national petition program
- South Korea's long-awaited crypto regulatory framework is in the final stages of government consultations, according to the country's top financial regulator
Summary
South Korea's long-awaited crypto regulatory framework is in the final stages of government consultations, according to the country's top financial regulator. The legislation seeks to establish a comprehensive framework for crypto assets, including licensing regimes for exchanges, rules for stablecoin issuance, and clearer legal definitions. Local lawmakers have raised concerns about how the country's upcoming crypto taxation could take effect before the crypto framework establishes fundamental rules for the comparatively nascent sector. During the hearing, Lee said that cryptocurrency taxation should "take various circumstances into full consideration," according to a Yonhap report.