The Financial Services Commission of South Korea plans to draft the Basic Law on Digital Assets, and the National Assembly will review the bill to abolish the income tax on cryptocurrencies

The Financial Services Commission of South Korea plans to draft a digital asset basic law with the United Democratic Party, covering stablecoin issuance, business rules, and exchange access. The Planning and Finance Committee of the South Korean National Assembly plans to review the income tax law amendment proposed by the opposition party, which aims to abolish the cryptocurrency income tax by January 1, 2027. The current regulations stipulate that if the income from transferring or lending cryptocurrency assets exceeds 2.5 million Korean won per year, a 20% tax and a 2% local income tax must be paid.