South Korea’s Financial Services Commission Chairman Lee Eog-weon confirmed on October 22, 2026, that government consultations on the Digital Asset Basic Act have reached their final stage. During a parliamentary hearing, Lee said the government will seek to introduce the legislation “as soon as possible,” although no official submission date was announced.
The proposed framework would establish licensing standards for cryptocurrency exchanges, define digital assets more clearly, and introduce rules for stablecoin issuers. Lawmakers are expected to examine the bill in November, and the final text could change during parliamentary review. Discussions include which entities may issue Korean won-linked stablecoins and what safeguards they must provide.
While the framework advances, the planned cryptocurrency tax continues to face pressure. Under existing rules, annual crypto income above 2.5 million won is scheduled to be taxed at 22% including local taxes from January 1, 2027. The start date has already been delayed three times. Two public petitions — one calling for repeal and another requesting a two-year deferral — each surpassed the 50,000-signature threshold required to trigger legislative review.
Democratic Party leader Kim Min-seok told lawmakers he is reviewing the tax plan. “Recently, there have been growing calls and diverse opinions on this issue, so yesterday I raised the need to conduct a thorough final review,” Kim said, according to Yonhap. The National Tax Service still aims to finalize its draft tax notice by October 30, with preliminary review and public notice expected in November.
Exchange operators have requested clearer reporting rules and additional time to test systems, citing challenges in tracking overseas platform trades and calculating gains across newer digital assets. The regulatory progress also comes as companies explore new stablecoin services, including payment plans between MoonPay and Dunamu announced on October 21.
