BTC $68,303.00 (+0.90%)
ETH $1,985.97 (+1.02%)
XRP $1.44 (+0.74%)
BNB $625.76 (+0.88%)
SOL $86.18 (+2.13%)
TRX $0.29 (+0.71%)
DOGE $0.10 (-1.14%)
BCH $564.89 (+0.72%)
ADA $0.28 (-2.32%)
LEO $8.60 (-1.07%)
HYPE $29.84 (-0.80%)
LINK $8.90 (+0.10%)
CC $0.16 (-0.65%)
XMR $326.75 (-1.92%)
XLM $0.16 (-0.45%)
RAIN $0.01 (-0.59%)
HBAR $0.10 (-0.25%)
ZEC $259.05 (-0.98%)
LTC $55.40 (+0.52%)
AVAX $9.23 (+0.91%)

South Korea vs Lithuania

Crypto regulation comparison

← Back to map | South Korea | Lithuania
South Korea

South Korea

Lithuania

Lithuania

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.

Cryptocurrency is legal and regulated in Lithuania. The Bank of Lithuania oversees VASPs under AML regulations and has been an early mover in crypto regulation within the EU. Lithuania attracted a large number of VASP registrations due to initially favorable conditions, though it tightened requirements significantly in 2022-2023. The MiCA framework now applies.

Tax Type Varies
Tax Type Capital gains
Tax Rate 20%
Tax Rate 15%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator FSC (Financial Services Commission), FSS, FIU (Korea Financial Intelligence Unit)
Regulator Bank of Lithuania (Lietuvos Bankas)
Stablecoin Rules Under development; stablecoins subject to VASP rules
Stablecoin Rules Regulated under EU MiCA framework
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
  • VASPs must register with the Bank of Lithuania under AML/CFT law
  • Capital gains from crypto taxed at 15% personal income tax rate
  • Lithuania became a major EU hub for crypto companies; over 500 VASPs registered by 2022
  • Tightened VASP requirements in 2022-2023, including local substance and capital requirements
  • MiCA transition underway from December 2024
Sources
Sources