# South Korea’s Crypto Tax Debate Reopens as Digital Asset Bill Nears Submission By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/39627 Published: 2026-10-24T04:23:11.000Z Updated: 2026-10-24T04:23:11.000Z Section: Regulation > Two petitions to repeal the tax or delay it by two years each passed 50,000 signatures. The National Tax Service plans to finalize its draft tax notice Friday, Oct. 30. South Korea’s crypto tax debate is reopening as lawmakers question a 2027 start, while the Financial Services Commission says talks on a separate digital-asset bill are nearly complete. The crypto income tax is scheduled to take effect Jan. 1, 2027. Lawmakers have questioned whether taxation should begin before the country establishes a broader legal framework for digital assets. The proposed Digital Asset Basic Act would address licensing and stablecoin issuance. Financial Services Commission (FSC) Chairman Lee Eog-weon told lawmakers Thursday that consultations on the bill were in their final stage and that it would be submitted as soon as possible. Lee said the tax should “take various circumstances into full consideration.” Democratic Party leader Kim Min-seok called for a “thorough final review” of the tax on Thursday. The party had previously backed a 2027 start. Lawmakers have also raised concerns about imposing the tax before the legislation defining the crypto market is in place. Two petitions, one seeking repeal of the tax and another requesting a two-year delay, each passed 50,000 signatures and prompted legislative review. The National Tax Service plans to finalize its draft tax notice by Friday, Oct. 30. Separately, the Bank of Korea (BOK) and the government aim to prepare changes to the Foreign Exchange Transactions Act by year-end. The proposal would regulate stablecoins as a means of payment under foreign-exchange law. The BOK’s [year-end foreign-exchange plan for stablecoins]() is separate from the Digital Asset Basic Act. In a written submission to the National Assembly’s annual audit, the BOK said it is working with the government on oversight of cross-border virtual-asset transactions. It also plans a monitoring system based on foreign-exchange network reporting. The BOK cited settlement outside the banking system, mixers and gaps in rules for personal wallets as factors that can make illegal transactions easier. Here, “means of payment” refers to foreign-exchange controls on cross-border movement; it does not make stablecoins legal tender. The BOK’s announcement is a plan to draft legislation, and there is no draft text yet. ## Links in this article - [year-end foreign-exchange plan for stablecoins](https://www.tokenpost.com/news/regulation/39210)