South Korea Crypto Bill Nears Introduction as Tax Debate Continues

South Korea’s Financial Services Commission chairman said consultations on the proposed Digital Asset Basic Act are nearing completion, as lawmakers continue debating a cryptocurrency tax scheduled to begin in 2027. Lee Eogweon told a parliamentary hearing on October 22 that the government would seek to introduce the legislation promptly. The bill remains a proposal and has not been formally introduced or enacted. Its wording and timing are not final. The proposed framework is expected to establish rules for digital-asset markets, including licensing for cryptocurrency exchanges, provisions for stablecoin issuance and clearer legal definitions for digital assets. Specific requirements may change during consultations and parliamentary review. Officials have not yet disclosed a filing date for the government bill. The tax debate centers on whether taxation should begin before a broader regulatory structure is in place. Under the current schedule, the tax is due to take effect on January 1, 2027, following three previous delays. The supplied reports do not establish a decision to postpone it again. Public petitions have added to calls for reconsideration. A petition seeking...