South Korea Financial Services Commission Chairman Lee Eog-weon said Thursday at a National Assembly hearing that discussions on the Digital Asset Basic Act are nearing completion and the government will seek to introduce the bill soon. According to Foresight News, the proposed law would establish a framework for crypto assets, including an exchange licensing system, rules for stablecoin issuance and clearer legal definitions.

Lee also said cryptocurrency taxation should take various circumstances into account. South Korea’s crypto tax plan was originally scheduled to take effect on January 1, 2027, but has been postponed three times amid fairness concerns and inadequate infrastructure.