South Korea’s crypto bill enters final talks ahead of 2027 tax deadline

South Korea has moved closer to introducing its Digital Asset Basic Act, with financial regulators entering the final stages of consultations while lawmakers question whether cryptocurrency taxation should begin before the regulatory framework is completed. Summary South Korea’s financial regulator says government consultations on the Digital Asset Basic Act are nearing completion. FSC Chairman Lee Eog-weon has pledged to advance the legislation quickly without announcing a formal introduction date. Lawmakers want cryptocurrency taxation postponed or repealed until the country establishes a clearer regulatory framework. The proposed 22% tax on qualifying crypto gains remains scheduled for January 1, 2027, following three postponements. The National Tax Service is preparing further tax guidance, while the government continues reviewing industry concerns. According to Yonhap News Agency’s October 22 report, Financial Services Commission (FSC) Chairman Lee Eog-weon told the National Assembly’s Political Affairs Committee that discussions on the legislation were nearly complete and that authorities would move to advance the bill without unnecessary delays. South Korea’s digital asset l...