South Korea’s much-anticipated digital asset regulatory structure is currently in the concluding phases of inter-agency talks, based on statements from the nation’s premier financial watchdog.
Lee Eog-weon, who leads the Financial Services Commission, noted on Thursday during a legislative session that negotiations concerning the Digital Asset Basic Act are reaching their final conclusion and that state officials will strive to present the measure promptly, as reported by domestic media source Bloomingbit.
This proposed law aims to create a thorough system for digital currencies, featuring authorization standards for trading platforms, guidelines regarding stablecoin creation, and more precise legal classifications.
Domestic politicians have voiced worries regarding how the nation’s forthcoming digital asset levy might be implemented prior to the regulatory bill formulating baseline guidelines for this relatively developing industry.
Throughout the session, Lee stated that digital asset levies ought to “take various circumstances into full consideration,” as indicated by a report from Yonhap.
Taxing crypto
The taxation initiative, scheduled for implementation on January 1, 2027, has already faced three postponements driven by disputes regarding equity and immature technical systems.
Back in May, a petition aiming to cancel the scheduled levy attained the 50,000-signature mark necessary to prompt a parliamentary evaluation, adhering to the guidelines of the state petition system. A separate petition from August, which requested a two-year postponement, similarly gathered 50,000 endorsements by the middle of September.
Kim Min-seok, head of the governing Democratic Party of Korea, mentioned on Thursday that he is currently assessing multiple perspectives concerning the digital asset tax strategy, facing rising demand to postpone it.
“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 stated, according to Yonhap. Kim’s remarks point toward a more adaptable stance by officials, who had previously maintained their commitment to the 2027 rollout date.
At the same time, the National Tax Service continues its preparations to complete its digital asset tax proposal outline by October 30, with an initial assessment and public disclosure slated for November pursuant to the current timetable, according to a Thursday report by domestic media outlet Digital Asset.
Originally published at https://www.theblock.co/news/regulation/2026-10-22-south-koreas-crypto-bill-nears-completion-421880.
