South Korea’s crypto bill nears completion amid tax concerns

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South Korea’s proposed Digital Asset Basic Act is nearing the end of government consultations, Financial Services Commission chairman Lee Eog-weon said on Thursday, according to local media outlet Bloomingbit.

The bill would establish a regulatory framework for crypto assets, including exchange licensing, stablecoin issuance rules and clearer legal definitions.

Lawmakers have also raised concerns that crypto taxation could take effect before the new framework establishes the sector’s basic regulatory rules.