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Central African Republic vs South Korea

Crypto regulation comparison

← Back to map | Central African Republic | South Korea
Central African Republic

Central African Republic

South Korea

South Korea

Legal
Legal

The Central African Republic briefly adopted Bitcoin as legal tender in 2022 under the 'Sango' project, but this was struck down by the Constitutional Court. Crypto remains legal but the legal tender status was reversed.

South Korea is one of the world's largest crypto markets. The Virtual Asset Users Protection Act (VAUPA), effective July 2024, provides comprehensive investor protection including requirements for exchanges to hold user assets in cold storage and carry insurance. All VASPs must register with FIU and comply with strict AML rules under the Specific Financial Information Act. A 20% crypto gains tax (above KRW 2.5 million exemption, raised from the original 250K KRW threshold) has been deferred multiple times and is now scheduled for January 2027.

Tax Type None
Tax Type Varies
Tax Rate N/A
Tax Rate 20%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator BEAC (Bank of Central African States)
Regulator FSC (Financial Services Commission), FSS, FIU (Korea Financial Intelligence Unit)
Stablecoin Rules No specific stablecoin regulation
Stablecoin Rules Under development; stablecoins subject to VASP rules
Key Points
  • Bitcoin was briefly adopted as legal tender in 2022 via the Sango Act
  • Constitutional Court struck down the legal tender provision
  • Crypto trading and holding remain legal
  • BEAC opposed the Bitcoin legal tender move
  • Sango crypto hub project launched but has faced significant challenges
Key Points
  • Virtual Asset Users Protection Act (VAUPA) effective July 2024 — major investor protection law
  • VASPs must register with FIU and partner with real-name verified bank accounts
  • 20% national tax (22% effective incl. 2% local income surtax) above KRW 2.5M annual exemption (deferred to January 2027)
  • Exchanges must hold 80%+ of user assets in cold wallets and carry insurance/reserves
  • Only won-denominated trading pairs allowed on major exchanges (Upbit, Bithumb, Coinone, Korbit)
Sources
Sources