South Korea's Digital Asset Basic Act nears completion amid ongoing crypto tax debate

South Korea's proposed Digital Asset Basic Act, which sets ground rules for crypto assets, is nearing completion, according to Lee Eog-weon, chairman of the Financial Services Commission. The act would provide clearer legal guidance for exchanges and token issuers, covering licensing requirements and stablecoin rules. However, the planned crypto tax implementation date of January 1, 2027, is under intense debate, with authorities having postponed it three times; the draft tax framework is set to be finalized by October 30, followed by public notice in November. Public pressure, including petitions, and internal reviews by the ruling Democratic Party suggest potential further delays.