South Korea pushes new crypto regulations and exchange compliance measures
South Korea's Digital Asset Exchange Association (DAXA) held compliance seminars in October to guide virtual‑asset exchanges on the country's tightening regulatory framework, covering monitoring tools, user protection and legal alignment.
The association also organized a meeting on October 28 in Seoul with non‑won‑based exchanges to explain the upcoming amendment to the telecom‑fraud refund law, which will expand compensation obligations to digital assets and outline procedures for payment suspension, claims handling and asset repayment.
Separately, the Financial Services Commission intends to draft a consolidated Digital Asset Basic Act together with the ruling Democratic Party. The proposal would set rules for stablecoin issuance, digital‑asset business operations, exchange entry criteria, disclosure requirements, internal controls and system‑resilience standards. At present ten separate digital‑asset and stablecoin bills remain pending in the National Assembly. An opposition bill seeks to repeal the crypto income tax that would otherwise levy a 20 % tax plus a 2 % local tax on crypto earnings above 2.5 million won per year from January 1 2027. The Finance Ministry has indicated the tax will proceed after repeated delays.
Entities: Democratic Party (South Korea) · Digital Asset Exchange Association (DAXA) · Financial Services Commission (FSC) · National Assembly (South Korea) · Song Eon-seok
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Ten separate digital‑asset and stablecoin bills are currently pending in South Korea's National Assembly. (Parliamentary bill count)
- [○ 1 SOURCE] The telecom‑fraud refund law amendment will include digital assets in the refund scope starting in October. (Telecom‑fraud refund law amendment)
- [○ 1 SOURCE] The Financial Services Commission plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party. (FSC draft plan)
- [○ 1 SOURCE] DAXA hosted compliance seminars in October focusing on virtual‑asset regulations for South Korean exchanges. (DAXA compliance education sessions)
- [○ 1 SOURCE] DAXA held a meeting on October 28 in Seoul to explain the telecom‑fraud refund law amendment that extends to digital assets. (DAXA telecom‑fraud law briefing)
- [○ 1 SOURCE] An opposition bill seeks to repeal the crypto income tax that would otherwise impose a 20 % tax plus 2 % local tax on crypto earnings above 2.5 million won annually from Jan 1 2027. (Opposition crypto‑tax repeal bill)
- [○ 1 SOURCE] The proposed act would cover stablecoin issuance, digital‑asset business rules, exchange entry requirements, disclosures, internal controls and system‑resilience standards. (Proposed Digital Asset Basic Act contents)
- [○ 1 SOURCE] The Finance Ministry said the crypto tax will proceed after repeated delays. (Finance Ministry statement)