Regulation· ★★★★· neutral·

South Korea Shelves Crypto Tax, Pivots to Digital Asset Framework Law

  • —The crypto income tax is likely to be postponed again, with details to be discussed during November budget deliberations
  • —The framework law is the second regulatory phase after the user protection act that took effect in July 2024
  • —Won stablecoin issuance is contested: a bank-led consortium with a majority stake versus opening the market to fintech and IT firms
  • —A proposed cap on major exchange shareholders would affect ownership structures at Upbit and other domestic platforms
Why it matters: The tax delay buys time to formalize stablecoin and exchange rules, but disputes over bank ownership and exchange shareholder caps could stall the legislation.
Source: Blockmedia
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