South Korea’s Digital Asset Legislation Enters Final Consultation Stage

South Korea’s Financial Services Commission (FSC) Chair 李亿元 said digital asset legislation had entered its final consultation stage, as a lawmaker questioned whether to repeal or delay the planned January 2027 tax on virtual assets.

At a comprehensive audit by the National Assembly’s Political Affairs Committee, People Power Party lawmaker 宋彦锡 asked whether the tax should be repealed or delayed. He argued lawmakers should prioritize a basic law on digital assets before their nature and the policy direction are settled.

李亿元 said discussions on digital asset legislation would move forward quickly. On taxation, 李 said various circumstances needed consideration, as views differed and opinions were still being collected.

South Korea introduced the virtual asset tax through a 2020 amendment to its Income Tax Act, but implementation has been postponed three times. The government is continuing administrative steps toward the planned January 2027 crypto tax timetable.