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Jamaica vs South Korea

Crypto regulation comparison

← Back to map | Jamaica | South Korea
Jamaica

Jamaica

South Korea

South Korea

No Regulation
Legal

Jamaica has no specific cryptocurrency legislation. The Bank of Jamaica does not regulate or endorse crypto but has not banned it. Jamaica launched its own CBDC, JAM-DEX, in 2022 through the National Commercial Bank. Crypto exists in a legal gray area with no dedicated framework.

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 Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator BOJ (Bank of Jamaica), FSC
Regulator FSC (Financial Services Commission), FSS, FIU (Korea Financial Intelligence Unit)
Stablecoin Rules BOJ launched JAM-DEX CBDC; no private stablecoin regulation
Stablecoin Rules Under development; stablecoins subject to VASP rules
Key Points
  • No specific cryptocurrency legislation or regulatory framework
  • BOJ does not recognize crypto as legal tender but has not banned it
  • Jamaica launched the JAM-DEX CBDC in 2022
  • FSC Jamaica has not issued specific guidance on crypto asset regulation
  • Tax treatment of crypto gains is unclear due to lack of specific guidance
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