South Korea’s Financial Services Commission (FSC) plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, covering stablecoin issuance and circulation, exchange rules and system resilience standards. Ten separate digital asset and stablecoin bills are currently pending in Parliament, with key disputes over whether won-denominated stablecoin issuers should be majority bank-owned. Opposition lawmakers led by People Power Party’s Song Eon-seok introduced a bill on March 19 to abolish cryptocurrency income tax before its January 1, 2027 implementation. From 2027, income from transferring or lending crypto exceeding 2.5 million won (about $1,700) annually will face a 20% tax plus 2% local income tax.
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