The Korean Financial Services Commission plans to draft the Basic Law on Digital Assets, and the National Assembly is reviewing a bill to abolish the cryptocurrency income tax.

The Korean Financial Services Commission plans to jointly draft a Basic Law on Digital Assets with the Democratic Party, covering stablecoin issuance, business regulations, and exchange admission requirements. The Planning and Finance Committee of the Korean National Assembly is scheduled to review an opposition-proposed amendment to the Income Tax Law, which intends to abolish the crypto income tax before January 1, 2027. The current regulation stipulates that individuals who transfer or lend crypto assets with annual income exceeding 2.5 million Korean won must pay a 20% tax and a 2% local income tax.