South Korea to Develop Cryptocurrency Bill Covering Stablecoins and Centralized Exchanges

July 29th - The Financial Services Commission of South Korea is planning to establish a comprehensive cryptocurrency asset law that covers stablecoins and cryptocurrency exchanges. Lawmakers are considering abolishing the 22% cryptocurrency tax originally scheduled to take effect in 2027.

It is reported that this law will address the issuance and circulation of stablecoins, digital asset business rules, exchange admission requirements, information disclosure, internal controls, and system resilience standards.