Chairman of the Financial Services Commission of Korea: Consultation on the 'Basic Law on Digital Assets' Enters Final Stage

Lee Eog-weon, the Chairman of the Financial Services Commission of Korea, stated at a parliamentary hearing that discussions on the 'Basic Law on Digital Assets' are nearing completion, and the government will strive to introduce the bill as soon as possible. The bill aims to establish a comprehensive framework for crypto assets, including an exchange licensing system, rules for stablecoin issuance, and clearer legal definitions. Lee Eog-weon also mentioned that cryptocurrency taxation should take various circumstances into account. The South Korean cryptocurrency tax plan was originally set to take effect on January 1, 2027, but has been postponed three times due to fairness disputes and inadequate infrastructure.