Korea plans to introduce a stable currency rule, while opposition parties push for the abolition of the encrypted currency tax

On 29 July, Cointelegraph reported that the Korea Finance Commission (FSC) planned to work with the ruling party to advance the Comprehensive Bill on the Digital Assets Basic Law, which covers criteria such as stable currency issuance and circulation, rules for the operation of digital assets, exchange access, disclosure, internal controls and systemic resilience. Ten separate digital assets and currency stabilization bills are currently pending before Congress. The debate focused on whether the issuer of the Korean Won stabilization currency should be held in a bank and whether the main encryption exchange should have a stock ceiling. At the same time, the Congress Committee on Fiscal and Economic Planning will consider a bill proposed by the opposition party to abolish the encryption tax, introduced in March by the National Forces Party (NFP) MP Song Yingzie, with the aim of removing the provision for a tax on the transfer of digital assets or on borrowing income, which was to have been in force since 1 January 2027, and which would face a 20 per cent tax plus 2 per cent local income tax on encrypted income of more than 2.5 million won (approximately US$ 1,700) per year。