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South Korea's People Power Party Proposes Postponing Virtual Asset Taxation to 2030
According to South Korean media outlet MBN, People Power Party lawmaker Jung Sung-kook has formally proposed the "Partial Amendment to the Income Tax Act," intending to postpone the implementation date of the virtual asset income tax from the current January 1, 2027, to January 1, 2030, a delay of three years. Under current regulations, income from virtual asset transfers and lending will be classified as other income, and the portion of annual gains exceeding 2.5 million Korean won shall be subject to a 22% tax rate (including local income tax). Jung Sung-kook stated that virtual asset taxation should be implemented only after the investor protection system and the basis for fair taxation are fully improved, emphasizing that priority should be given to ensuring a system preparation period to minimize market disruption as much as possible. Previously, lawmakers from the same party, including Song Eon-seok, had proposed an amendment to delete clauses related to virtual asset income tax, which has currently been submitted to the National Assembly Strategy and Finance Committee for deliberation; however, the government is expected to actively argue for the necessity of taxation, and the bill still faces resistance in its progression.
South Korea 2026 Tax Reform Bill Confirms Push for Crypto Asset Taxation, 22% Tax Proposed on Gains Exceeding 2.5 Million Won
According to Edaily, South Korea announced the 2026 tax reform plan, which does not include arrangements for deferring crypto asset taxation. If the bill is passed by the National Assembly, starting from January 1 next year, the portion of annual trading gains from crypto assets exceeding 2.5 million won will be taxed separately at a rate of 22%, with the first declaration and payment expected in May 2028. This policy has previously been postponed multiple times due to insufficient supporting systems and infrastructure, and the outcome of the National Assembly's deliberation still needs to be monitored.
South Korea's FSC Plans to Draft a Basic Digital Assets Act, Opposition Party's Crypto Tax Repeal Bill Enters Deliberation
: The Financial Services Commission (FSC) of South Korea plans to draft a unified "Basic Digital Assets Act" together with the ruling Democratic Party. The content will cover stablecoin issuance and circulation, digital asset business rules, exchange listing requirements, information disclosure, internal controls, and system resilience standards. Currently, there are 10 pending bills related to digital assets and stablecoins in the South Korean National Assembly. The FSC has yet to decide on the timing and method for submitting the unified bill. Major points of disagreement include whether banks should hold a majority stake in issuers of Korean won-pegged stablecoins, and whether major crypto exchanges should be subject to ownership restrictions. The National Assembly's Planning and Finance Committee plans to deliberate on a proposed amendment to the Income Tax Act put forward by the opposition party, which aims to abolish the crypto income tax before its implementation on January 1, 2027. Under the current arrangement, income exceeding 2.5 million Korean won from the transfer or lending of crypto assets each year is subject to a 20% tax plus a 2% local income tax.
Bank of Korea Warns: Single-Stock Leveraged ETFs Targeting SK Hynix and Samsung Electronics Could Amplify Stock Market Risks
the Bank of Korea has disclosed in a written document submitted to the National Assembly that the rapid expansion of single-stock leveraged ETFs targeting Samsung Electronics and SK Hynix may be amplifying structural "herding" and volatility risks in the Korean stock market. The combined market capitalization and trading volume share of these two companies in the Korean stock market have risen sharply, with the market cap share increasing from approximately 36.1% at the end of last year to over 55% recently, and the trading volume share jumping from 27.9% to 63.5%.South Korea's financial regulatory authorities have also expressed similar concerns, emphasizing the need for continuous monitoring of the potential impact of these products on market stability and systemic risk. Under changing market sentiment, single-stock leveraged ETFs may exacerbate unidirectional capital flows. If market trends reverse, combined with intraday rebalancing and derivative hedging mechanisms, this could further amplify price volatility. (Etoday)
Bithumb Faces Another Regulatory Storm as South Korean Police Investigate Lawmaker's Influence in Hiring Allegations
Odaily News: South Korean police recently raided cryptocurrency exchange Bithumb to investigate allegations that independent lawmaker Kim Byung-gi used his influence to secure a job for his son. According to reports, Kim’s son joined Bithumb in January 2025 and worked there for about six months. Police are investigating whether external pressure or preferential treatment was involved in the hiring process. Additionally, the case has also implicated Dunamu, the operator of South Korea’s largest crypto exchange Upbit, with the investigation scope expanding from simple hiring issues to potential abuse of power and conflicts of interest.Investigators noted that during his tenure on the National Assembly's Political Affairs Committee, Kim Byung-gi raised multiple inquiries against Dunamu during committee meetings, sparking external speculation that he may have been seeking benefits for the company where his son was employed.It is understood that police have previously questioned executives from several cryptocurrency firms and have conducted search and seizure operations at Bithumb’s headquarters and Bithumb Financial Tower. Kim Byung-gi himself is under investigation on 13 charges, including allegations related to job placements, bribery for nominations, and requests concerning university transfers. He has stated that he believes he will ultimately be able to prove his innocence.Notably, Bithumb has been facing sustained regulatory pressure recently. In March this year, South Korea’s financial regulator fined Bithumb approximately $24.5 million for violations related to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, and issued a six-month partial business suspension order. However, the Seoul court temporarily suspended the penalty in late April, and the relevant legal proceedings are still ongoing. (Cointelegraph)
Costa Rica Passes Anti-Money Laundering Law for Cryptocurrency Asset Services
According to CriptoNoticias, Costa Rica’s Legislative Assembly unanimously approved, during its second debate on May 25, an amendment to Law No. 7786, clarifying anti-money laundering (AML) obligations for virtual asset service providers (VASPs) and requiring such entities to register with the General Superintendency of Financial Entities (Sugef).
South Korea's Petition to Abolish Crypto Tax Gains Over 58,000 Signatures, Set to Be Submitted to the National Assembly for Review
According to South Korea's National Assembly Act, the petition to abolish "virtual asset (cryptocurrency) taxation" has garnered 58,571 approvals. Thirty days after being referred to the relevant committee, the petition will be submitted for deliberation at the committee's first meeting.Under South Korea's current Income Tax Act, starting from January 1, 2027, income from the transfer or lending of virtual assets will be classified as other income and subject to income tax. Virtual asset gains exceeding 2.5 million Korean won (approximately $1,800) will be taxed at a comprehensive rate of 22%, which includes a 20% other income tax and a 2% local income tax. (Edaily)
Costa Rica Passes Anti-Money Laundering Bill for Crypto Services, with Fines Up to 50% of Transaction Value
Odaily News: Costa Rica's Legislative Assembly has unanimously approved amendments to Law No. 7786, establishing specific obligations for virtual asset service providers regarding anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction. The new law requires virtual asset service providers to register with the Financial Superintendence General and fulfill obligations including customer identification, due diligence, transaction record keeping, and reporting of suspicious transactions. Penalties for violations range from 5% to 50% of the transaction amount, or between $1,800 and $90,000. The law will take effect three months after its publication.
South Korea’s Democratic Party chief of the Financial Services Committee stated that the digital asset tax should be implemented on schedule.
According to Digital Asset, Jeong Tae-ho, Democratic Party’s chief of the National Assembly’s Committee on Finance and Economy, stated that taxation on digital assets “has already been postponed and should now be implemented as scheduled,” adding that intra-party discussions will commence once the tax reform proposal is submitted to the committee. This statement marks a clear hardening of his stance compared to his more reserved position one month ago. The South Korean government has also officially confirmed that it will begin taxing income from digital asset transfers and leasing starting January 1, 2027. Several hardline lawmakers within the Democratic Party have recently voiced their support for implementing the tax on schedule.
South Korea’s Financial Services Commission (FSC) plans to release detailed regulations for tokenized securities in July, allowing the issuance of fractional investment securities backed by multiple underlying assets.
According to Money Today, the Financial Services Commission (FSC) of Korea announced that it will release detailed regulations and guidelines for tokenized securities in July 2026. The proposed framework would permit issuing fractional investment securities backed by a bundle of similar underlying assets and explore raising trading limits on over-the-counter (OTC) exchanges. Regulators will also draw on international precedents to develop a roadmap for tokenizing standardized securities—including equities, bonds, and money market funds—and advance testing and enhancement of infrastructure such as on-chain settlement. Korea’s tokenized securities regime was approved by the National Assembly in January this year and is scheduled to take effect on February 4, 2027.
South Korea’s Virtual Asset Taxation Plan Blocked by Opposition Party; Local Elections May Trigger Policy Changes
According to ZDNet, the South Korean government plans to impose taxes on virtual assets starting in January next year, but faces opposition from the opposition party, increasing policy uncertainty. Moon Kyung-ho, head of the Income Tax Division at the Ministry of Economy and Finance, made the government’s first official statement on the matter during a National Assembly discussion, affirming that taxation on virtual assets will proceed as scheduled beginning January 1, next year, emphasizing that “income must be taxed.” Under the current amendment to the Income Tax Act, gains exceeding 2.5 million KRW from the transfer or lending of virtual assets are subject to a 22% tax rate. However, the opposition People Power Party argues that taxing only virtual assets—while abolishing the financial investment income tax—is unfair, and is advancing a bill to abolish the virtual asset income tax. This bill has already been submitted to the National Assembly’s Committee on Strategy and Finance and will be discussed by its Tax Subcommittee. Analysts believe that, ahead of next year’s local elections, the ruling party may join discussions on delaying or scrapping the tax to win support from younger voters.
Iran Questions U.S. Sincerity, Refusal to Negotiate Hides Multiple Considerations
Odaily News According to a message released by Mohammad Bagher Ghalibaf, Speaker of the Islamic Consultative Assembly of Iran, in the early hours of the 21st local time, U.S. President Trump, through imposing blockades and violating the ceasefire agreement, is attempting to turn the negotiation table into a surrender table for Iran, or to find an excuse to reignite war. Currently, the U.S. side frequently releases news about sending a delegation to participate in negotiations, while Iran has expressed refusal to negotiate. Analysis points out that behind Iran's related statements lie multiple considerations and concerns:First, Iran questions the lack of sincerity from the U.S. in negotiations. Iran once announced a conditional temporary opening of the Strait of Hormuz, but this move did not lead to the U.S. lifting the blockade on Iranian ports.Second, it is a negotiation tactic. "Refusing to negotiate" itself is often an important bargaining chip outside the negotiation table. If Iran shows an "eagerness to negotiate," the U.S. is likely to exert further pressure. In the absence of basic trust, both sides will engage in a series of maneuvers before negotiations to probe each other's bottom lines.Third, there are hardline voices and anti-American sentiment within Iran. Hardliners believe that expressing a willingness to return to the negotiation table too early under continued U.S. pressure is a sign of compromise and concession.Currently, the U.S. and Iran have disagreements on multiple issues including the nuclear issue, passage through the Strait of Hormuz, and sanctions against Iran. There is a severe lack of mutual trust, and the goals each side hopes to achieve through negotiations also differ significantly. Analysis points out that the current situation may develop in the following directions:First, both sides return to the negotiation table within the ceasefire period, or reach a consensus to extend the ceasefire and continue negotiations. However, the possibility of reaching a comprehensive, long-term agreement in the short term is low, and negotiations could break down again at any time due to hardline statements or actions from either side.Second, both sides fall into a "limited-scale conflict." After the ceasefire expires, military standoffs and harassment between the U.S. and Iran around the Strait of Hormuz will continue, and hostilities may reignite.Third, the conflict escalates on a large scale, leading to an uncontrollable situation. The U.S. has recently continued to issue military threats against Iran, but analysis from the U.S. side suggests that, constrained by factors such as rising war costs and increasing electoral political pressure, the Trump administration's decision-making space for a large-scale escalation of hostilities is relatively limited. (CCTV)
Related news
NYSE Announces Development of On-Chain Settlement Platform for Tokenized Securities
According to "Digital Assets", New York Stock Exchange (NYSE) President Lynn Martin attended the "Modernization of Korea's Capital Market and Enhancement of Global Competitiveness" seminar at the Seoul National Assembly Building on August 10 and delivered a keynote speech. Lynn Martin stated that NYSE is developing an on-chain settlement platform for tokenized securities and participated in The Depository Trust & Clearing Corporation (DTCC)'s tokenized pilot project in July this year. She also revealed that NYSE has received approval from the SEC and plans to implement a near-24/7 trading mechanism of 23 hours a day, 5 days a week starting from December, becoming the first U.S. exchange operator approved to extend trading hours. Lynn Martin emphasized that NYSE is currently at a critical turning point in the convergence of traditional finance and decentralized finance (DeFi), and is committed to becoming a core infrastructure provider for the future global financial market.
South Korea's People Power Party Proposes Postponing Virtual Asset Taxation to 2030
According to South Korean media outlet MBN, People Power Party lawmaker Jung Sung-kook has formally proposed the "Partial Amendment to the Income Tax Act," intending to postpone the implementation date of the virtual asset income tax from the current January 1, 2027, to January 1, 2030, a delay of three years. Under current regulations, income from virtual asset transfers and lending will be classified as other income, and the portion of annual gains exceeding 2.5 million Korean won shall be subject to a 22% tax rate (including local income tax). Jung Sung-kook stated that virtual asset taxation should be implemented only after the investor protection system and the basis for fair taxation are fully improved, emphasizing that priority should be given to ensuring a system preparation period to minimize market disruption as much as possible. Previously, lawmakers from the same party, including Song Eon-seok, had proposed an amendment to delete clauses related to virtual asset income tax, which has currently been submitted to the National Assembly Strategy and Finance Committee for deliberation; however, the government is expected to actively argue for the necessity of taxation, and the bill still faces resistance in its progression.
South Korea 2026 Tax Reform Bill Confirms Push for Crypto Asset Taxation, 22% Tax Proposed on Gains Exceeding 2.5 Million Won
According to Edaily, South Korea announced the 2026 tax reform plan, which does not include arrangements for deferring crypto asset taxation. If the bill is passed by the National Assembly, starting from January 1 next year, the portion of annual trading gains from crypto assets exceeding 2.5 million won will be taxed separately at a rate of 22%, with the first declaration and payment expected in May 2028. This policy has previously been postponed multiple times due to insufficient supporting systems and infrastructure, and the outcome of the National Assembly's deliberation still needs to be monitored.
South Korea's FSC Plans to Draft a Basic Digital Assets Act, Opposition Party's Crypto Tax Repeal Bill Enters Deliberation
: The Financial Services Commission (FSC) of South Korea plans to draft a unified "Basic Digital Assets Act" together with the ruling Democratic Party. The content will cover stablecoin issuance and circulation, digital asset business rules, exchange listing requirements, information disclosure, internal controls, and system resilience standards. Currently, there are 10 pending bills related to digital assets and stablecoins in the South Korean National Assembly. The FSC has yet to decide on the timing and method for submitting the unified bill. Major points of disagreement include whether banks should hold a majority stake in issuers of Korean won-pegged stablecoins, and whether major crypto exchanges should be subject to ownership restrictions. The National Assembly's Planning and Finance Committee plans to deliberate on a proposed amendment to the Income Tax Act put forward by the opposition party, which aims to abolish the crypto income tax before its implementation on January 1, 2027. Under the current arrangement, income exceeding 2.5 million Korean won from the transfer or lending of crypto assets each year is subject to a 20% tax plus a 2% local income tax.
Governor of the Bank of Korea: Should Expedite Korean Won Stablecoin Legislation, Advocates Bank-Led Issuance
According to Edaily, Bank of Korea Governor Shin Hyun-song stated at a National Assembly meeting that related systems for KRW stablecoins and legislation for the "Digital Asset Basic Act" should be advanced as soon as possible, emphasizing that a competitive and complementary relationship will form between stablecoins, deposit tokens, and central bank digital currencies.
Bank of Korea Warns: Single-Stock Leveraged ETFs Targeting SK Hynix and Samsung Electronics Could Amplify Stock Market Risks
the Bank of Korea has disclosed in a written document submitted to the National Assembly that the rapid expansion of single-stock leveraged ETFs targeting Samsung Electronics and SK Hynix may be amplifying structural "herding" and volatility risks in the Korean stock market. The combined market capitalization and trading volume share of these two companies in the Korean stock market have risen sharply, with the market cap share increasing from approximately 36.1% at the end of last year to over 55% recently, and the trading volume share jumping from 27.9% to 63.5%.South Korea's financial regulatory authorities have also expressed similar concerns, emphasizing the need for continuous monitoring of the potential impact of these products on market stability and systemic risk. Under changing market sentiment, single-stock leveraged ETFs may exacerbate unidirectional capital flows. If market trends reverse, combined with intraday rebalancing and derivative hedging mechanisms, this could further amplify price volatility. (Etoday)