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People Power Party to review timing of digital asset tax amid fairness issues after financial investment tax repeal

South Korea\'s People Power Party said it will re-examine the current digital asset tax framework, including the planned start in January 2027. It cited difficulty in accurately identifying investors\' acquisition costs and gains due to trading via overseas exchanges and personal wallets. The party also raised concerns about tax fairness between digital assets and stocks after the financial investment income tax was abolished. It called for clearer rules for staking and DeFi and alignment with the Digital Asset Basic Act under discussion in parliament.

Crypto

Danal\'s PayProtocol, Squid cooperate on multichain payment and settlement infrastructure

Danal’s virtual asset payments firm PayProtocol is teaming up with global cross-chain infrastructure company Squid to build a system that allows digital assets on various blockchain networks to be used for payments and settlement at PayCoin affiliates. The companies signed a strategic agreement to connect the PayCoin mainnet and build multichain payment infrastructure. They will run a proof of concept to link PayCoin’s private-chain mainnet with external networks and assess commercialisation.

Crypto

Aracore, Teiza to work on institutional stablecoin settlement model between South Korea and Malaysia

Aracore, a U.S. subsidiary of blockchain and AI company BPMG, has signed an MOU with Malaysian blockchain infrastructure firm Teiza to jointly identify an institutional stablecoin payment and settlement model between South Korea and Malaysia. The two will review a cross-border payment and settlement model by linking Aracore’s Institutional Settlement Network with Teiza’s digital infrastructure and institutional network. They also plan to assess transaction demand through partner institutions.