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Iran vs South Korea

Crypto regulation comparison

← Back to map | Iran | South Korea
Iran

Iran

South Korea

South Korea

Restricted
Legal

Iran has a complex stance on cryptocurrency. Crypto mining is legal and licensed by the Ministry of Industry, but using crypto for domestic payments is banned by the CBI. The government has explored using crypto for international trade to circumvent sanctions. Mining operations are periodically shut down during energy shortages.

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 Unclear
Tax Type Varies
Tax Rate N/A
Tax Rate 20%
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CBI (Central Bank of Iran), Ministry of Industry
Regulator FSC (Financial Services Commission), FSS, FIU (Korea Financial Intelligence Unit)
Stablecoin Rules Not applicable; crypto payments and trading domestically restricted
Stablecoin Rules Under development; stablecoins subject to VASP rules
Key Points
  • Crypto mining is legal and licensed by the Ministry of Industry, Mine and Trade
  • CBI bans using crypto as a domestic payment method
  • Licensed miners must sell mined crypto to the CBI or authorized exporters
  • Government has explored crypto for sanctions evasion in international trade
  • Mining farms periodically shut down during summer/winter energy demand peaks
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