South Korea is accelerating the finalization of Phase 2 of its crypto-asset regulatory framework, focused on stablecoins, crypto ETFs, tokenization, and corporate market access. This urgency follows a record capital outflow of $346 million to foreign exchanges in June, primarily seeking high-risk derivatives and decentralized finance services unavailable domestically. The country, which dominates 65% of global stablecoin volume and ranks second in crypto adoption in the Asia-Pacific region after India, may impose a 22% capital gains tax from January 2027, a measure strongly opposed by industry participants.
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