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South Korea vs Liechtenstein

Crypto regulation comparison

← Back to map | South Korea | Liechtenstein
South Korea

South Korea

Liechtenstein

Liechtenstein

Legal
Legal

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.

Liechtenstein's Blockchain Act (TVTG) effective since 2020 is among the world's most comprehensive crypto frameworks. The FMA supervises registered TT service providers. Adapted for EU MiCAR in 2025.

Tax Type Varies
Tax Type Income
Tax Rate 20%
Tax Rate 1-8%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator FSC (Financial Services Commission), FSS, FIU (Korea Financial Intelligence Unit)
Regulator Financial Market Authority (FMA)
Stablecoin Rules Under development; stablecoins subject to VASP rules
Stablecoin Rules Regulated under TVTG and MiCAR
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)
Key Points
  • Blockchain Act (TVTG) adopted unanimously in 2019, effective Jan 2020
  • Token Container Model enables tokenization of any asset or right
  • FMA registers and supervises all TT service providers
  • EEA MiCAR Implementation Act entered into force Feb 2025
  • First country with comprehensive blockchain-specific legislation
Sources
Sources