South Korean FSC to expedite stablecoin legislation, review tax issues

South Korea's Financial Services Commission (FSC) has stressed its commitment to swiftly legislate stablecoins amid delays in the broader Digital Asset Basic Act, Edaily reported. Speaking today at a seminar on stablecoin-based trade finance, Shim Won-tae, an official from the FSC's Virtual Asset Division, described the introduction of stablecoin-based trade settlements as a proposal worth fully reviewing. He added that the commission would expedite the process to advance legislative discussions. Regarding taxation, Shim stated that the FSC will review various tax issues with related ministries, including not only income tax but also value-added tax. He emphasized that the commission will continue to gather market feedback to implement the new system promptly once preparations are complete.