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South Korea vs Norway

Crypto regulation comparison

← Back to map | South Korea | Norway
South Korea

South Korea

Norway

Norway

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 in Norway and regulated by Finanstilsynet. Norway taxes crypto capital gains at 22% and includes crypto holdings in the annual wealth tax calculation (net wealth above NOK 1.7M taxed at ~1.1%). VASPs must register with Finanstilsynet. Norway is an EEA member and aligning with MiCA through the EEA agreement.

Tax Type Varies
Tax Type Wealth and capital gains
Tax Rate 20%
Tax Rate 22% (gains) + 1.1% (wealth)
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator FSC (Financial Services Commission), FSS, FIU (Korea Financial Intelligence Unit)
Regulator Finanstilsynet (Financial Supervisory Authority)
Stablecoin Rules Under development; stablecoins subject to VASP rules
Stablecoin Rules No specific stablecoin regulation; general financial rules apply
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
  • Crypto capital gains taxed at 22% flat rate
  • Crypto included in wealth tax base (~1.1% on net wealth above threshold)
  • VASPs must register with Finanstilsynet and comply with AML/CFT requirements
  • Norway is a major crypto mining hub due to cheap hydroelectric power
  • EEA member; MiCA implementation expected through EEA Agreement adaptation
Sources
Sources