South Korea’s Crypto Bill Nears the Finish Line as the Tax Debate Heats Up

South Korea’s Financial Services Commission Chairman Lee Eog-weon told a parliamentary hearing on Thursday that the Digital Asset Basic Act is nearing completion and the government will seek to introduce it soon. The proposed law would set licensing rules for crypto exchanges, issuance rules for stablecoins and clearer definitions for digital assets. A crypto tax is due Jan. 1, 2027, after three delays, while petitions for repeal and a two-year deferral each drew enough signatures to trigger legislative review. Democratic Party leader Kim Min-seok said he is reviewing the tax plan and called for a thorough final review; the National Tax Service plans to finalize its draft tax notice by Oct. 30, with preliminary review and public notice in November.