BTC $67,958.00 (-0.01%)
ETH $1,972.46 (+0.21%)
XRP $1.43 (+0.40%)
BNB $625.15 (-0.16%)
SOL $85.27 (+0.95%)
TRX $0.29 (+1.11%)
DOGE $0.10 (-1.36%)
BCH $565.05 (+0.80%)
ADA $0.28 (-1.92%)
LEO $8.39 (-3.47%)
HYPE $29.60 (-2.03%)
LINK $8.88 (-0.93%)
CC $0.16 (-0.17%)
XMR $326.55 (-1.98%)
XLM $0.16 (-0.89%)
RAIN $0.01 (-1.78%)
ZEC $259.28 (+0.11%)
HBAR $0.10 (-0.50%)
LTC $54.90 (-0.61%)
AVAX $9.12 (-0.30%)

South Korea vs Seychelles

Crypto regulation comparison

← Back to map | South Korea | Seychelles
South Korea

South Korea

Seychelles

Seychelles

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.

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 Varies
Tax Type No tax
Tax Rate 20%
Tax Rate 0%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining No No
Regulator FSC (Financial Services Commission), FSS, FIU (Korea Financial Intelligence Unit)
Regulator Financial Services Authority (FSA)
Stablecoin Rules Under development; stablecoins subject to VASP rules
Stablecoin Rules Regulated under VASP Act 2024
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
  • 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
Sources
Sources