- South Korea’s Digital Asset Basic Act is almost finished, says Financial Services Commission Chairman Lee Eog-weon. I think this is a big step for South Korea.
- The proposed crypto law will bring licensing rules for crypto exchanges set rules for stablecoin and give clearer legal meaning for digital assets and I believe it will bring more clarity.
- Capital rules and reserve rules for issuers are still not decided in the draft framework.
South Korea’s Financial Services Commission, known as FSC, says that talks about the proposed Digital Asset Basic Act are almost finished. South Korea is also preparing for a cryptocurrency tax that will start on January 1, 2027.
FSC Chairman Lee Eog‑weon spoke at a hearing on Thursday. Lee Eog‑weon said that the South Korean government will try to bring the Digital Asset Basic Act to the National Assembly as soon as possible.
LATEST: 🇰🇷 South Korea’s top financial regulator says talks on the Digital Asset Basic Act are in the final stages, with the bill set to cover exchange licensing and stablecoin issuance rules. https://t.co/OujuFYor2n
— CoinMarketCap (@CoinMarketCap) October 23, 2026
The Digital Asset Basic Act is meant to give a regulatory framework for digital assets, including crypto exchanges and stablecoin issuers. Uncertainty still exists about key requirements. Public opposition to the cryptocurrency tax deadline also keeps pressure on lawmakers.
South Korea’s Digital Asset Act Nears Completion
The proposed Digital Asset Basic Act will set rules for South Korea’s cryptocurrency market, replacing the current mix of loose regulatory guidance.
The Digital Asset Basic Act’s main provisions are licensing requirements for crypto exchanges, rules for issuers, and clearer legal definitions for digital assets.
Source: petitions.assembly.go.kr
However, the draft does not yet explain capital requirements and reserve obligations for stablecoin issuers. These provisions are important for businesses when they assess compliance costs and plan products.
The final legislation could give regulatory clarity to exchanges, investors, and digital asset companies. The practical impact will depend on the requirements written into the text and how authorities enforce them.
The FSC has said that discussions are in their stages, but the legislation still must go through the National Assembly.
Crypto Tax Faces Growing Opposition Ahead Of 2027
South Korea’s cryptocurrency tax is set to start on January 1, 2027. This is the time the tax has been delayed. The delays were because of fairness issues and problems with putting the tax into action.
Many people still do not like the tax. A group asked to cancel the tax and got 53,809 people to sign. This led to a review by the lawmakers. Another group asked to wait two years and also got enough signatures in September.
The ruling Democratic Party has not said what it will do yet. The party leader, Kim Min-seok, said he is looking at opinions about the tax. He wants to make sure everything is checked carefully.
Lee said that the tax on cryptocurrency should consider situations. This shows worries about starting the tax before the full rules are in place.
At the time, the National Tax Service plans to finish the first version of the tax rules by October 30. Then there will be a check and a public notice in November.
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