[Bitcoin Now] "Korean Won Stablecoins Should Be Taxed Differently from General Virtual Assets"

There has been a call for tax regulations on Korean won stablecoins to be distinguished from those on general virtual assets. The argument is that, since stablecoins can be redeemed one-to-one with legal tender, they should be taxed differently from typical virtual assets.

On November 3, the Korea Fintech Industry Association held a National Assembly forum on the "Distribution and Taxation System of Korean Won Stablecoins" at the first seminar room of the National Assembly Members' Office Building in Yeouido, Seoul. The seminar was attended by Democratic Party lawmakers Min Byungdeok and Lee Kangil, as well as Lee Kanghyun, Chairman of the Indonesian Korean Chamber of Commerce and Industry, among others.

Accountant Oh Yuntaek identified value stability as one of the key characteristics of stablecoins. He explained that, because they are linked to legal tender and can be redeemed one-to-one, their value is stable. He also emphasized that, since they possess more characteristics that allow them to be recognized as cash equivalents, they are fundamentally different from general virtual assets.

Oh stated, "While there are tax regulations for virtual assets in general, there is no unique tax regime for stablecoins backed by legal tender," adding, "Given that stablecoins backed by legal tender differ in essence and value volatility from other virtual assets, it is reasonable to establish separate tax regulations for them."

He further stressed, "For Korean won stablecoins to be used as a practical means of payment in international transactions, an integrated overhaul of tax, foreign exchange, and accounting regulations is urgently needed."

He also anticipated that, if stablecoin payments are permitted, benefits such as reduced currency exchange fees, shorter payment times, and improved accessibility for small and medium-sized enterprises would follow. Lee Kanghyun, Chairman of the Indonesian Korean Chamber of Commerce and Industry, stated, "In trade between Korea and Indonesia, stablecoins are not just a payment method, but a new trade infrastructure that can simultaneously reduce currency exchange costs and ensure transaction transparency between the two countries." He emphasized, "In particular, this will serve as a practical solution to the payment delays and foreign exchange risks faced by small and medium-sized enterprises."

There was also an argument that the practical application of Korean won stablecoins would bring innovation to trade settlements. Lim Junggun, CTO of FiniVerse, said, "To address the structural limitations of foreign exchange settlements faced by Korean small and medium-sized export companies, we conducted a pilot project applying Korean won stablecoins directly to trade settlements." He added, "Through the use of Korean won stablecoins in international transactions, we confirmed that it is possible to reduce costs, enable real-time settlements, and ensure transaction transparency." He went on to say, "In the future, innovation in trade settlements will be achieved by linking Korean won stablecoins with logistics, payment, and authentication data."

The subsequent expert panel discussion included Hongmin Kim, President of the Korea Telemarketing Business Association; Cha Sangjin, Managing Attorney at Law Office Become; Jang Gwoncheol, CEO of Yale Tax Corporation; and Jung Gutae, CEO of InfiniteBlock. The panel focused on strategies for the international expansion of Korean won stablecoins, ways for small and medium-sized enterprises to utilize them, and tasks for improving institutional and tax frameworks.