Almost ready, Korea: Crypto bill nears completion as the tax timeline remains unsettled

South Korea’s Digital Asset Basic Act is close to completion, Financial Services Commission chairman Lee Eog-weon told a parliamentary hearing on Thursday, adding that the government will push to introduce the bill as soon as possible.

The proposed legal framework would establish licensing requirements for crypto exchanges, rules for issuing stablecoins and clearer definitions for digital assets. Consultations remain in their final stages; reports did not detail capital requirements or reserve rules for stablecoin issuers, and those details could still change before the bill reaches the National Assembly.

The crypto tax is scheduled to take effect on January 1, 2027 after authorities have postponed it three times over fairness and infrastructure concerns. The National Tax Service plans to finalize its draft tax notice by October 30, with a preliminary review and public notice to follow in November. The schedule leaves little time if lawmakers decide to postpone the tax again.

A Crypto Aman (@cryptoamanclub) post on October 22, 2026 stated: “South Korea will finalize its comprehensive crypto tax framework draft by 30 October. Public notice and preliminary review have been scheduled for November. The target is to officially implement this tax framework from January 2027.”

Public pressure has been building: a May petition seeking repeal reached 53,809 signatures and triggered a legislative review, while an August petition for a two-year deferral crossed the same threshold in mid-September. Kim Min-seok, leader of the ruling Democratic Party, said he was reviewing various inputs and called for a thorough final review; his comments suggested the party had not settled on a final position. Lee also said crypto taxation should consider various circumstances, as some lawmakers remain concerned the tax could begin before the framework establishes basic market rules.