North Korea vs Seychelles
Crypto regulation comparison
North Korea
Seychelles
Banned
Legal
North Korea does not allow civilian cryptocurrency use. The regime has been accused by the UN and US of using state-sponsored hacking to steal cryptocurrency to fund weapons programs.
The VASP Act 2024 effective Sept 2024 establishes FSA as regulator for virtual asset service providers. Exchanges require licensing. Mining and mixer/tumbler services are prohibited in Seychelles.
Tax Type
None
Tax Type
No tax
Tax Rate
N/A
Tax Rate
0%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
No
Regulator
Central Bank of North Korea
Regulator
Financial Services Authority (FSA)
Stablecoin Rules
Not applicable — crypto banned
Stablecoin Rules
Regulated under VASP Act 2024
Key Points
- No civilian cryptocurrency use permitted
- State-sponsored crypto theft alleged by UN and US
- Lazarus Group linked to major crypto exchange hacks
- International sanctions restrict all financial activities
- Cryptocurrency used by state actors, not civilians
Key Points
- VASP Act 2024 enacted Aug 30, effective Sept 1, 2024
- FSA licenses and supervises all virtual asset service providers
- Mining facilities and mixer/tumbler services prohibited
- VASPs must maintain local office and resident director
- Licensed IBC VASPs taxed at 1.5% on assessable income