[South Korea's FSC Plans to Draft Basic Law on Digital Assets, Opposition Party's Crypto Tax Repeal Bill Under Review] Odaily Planet Daily News – South Korea's Financial Services Commission (FSC) plans to collaborate with the ruling Democratic Party to draft a unified 'Basic Law on Digital Assets,' covering areas such as stablecoin issuance and circulation, digital asset business regulations, exchange entry requirements, information disclosure, internal controls, and system resilience standards. Currently, there are 10 digital asset and stablecoin-related bills pending review in South Korea's National Assembly. The FSC has not yet determined the timeline or method for submitting a unified bill. Key points of contention include whether issuers of stablecoins pegged to the Korean won should be majority-owned by banks and whether major cryptocurrency exchanges should be subject to ownership restrictions. The National Assembly's Planning and Finance Committee is set to review an amendment to the Income Tax Act proposed by the opposition party, which aims to repeal the crypto income tax before its scheduled implementation on January 1, 2027. Under the current arrangement, annual income exceeding 2.5 million Korean won from the transfer or lending of crypto assets is subject to a 20% tax and a 2% local income tax.