Is crypto legal in South Korea?

“the Act defines the scope of virtual assets subject to the law and requires virtual asset service providers (VASPs) to safely manage and store their customers' deposits and virtual assets.”

“if any VASPs conduct business operation targeting Koreans, they are required to register with the KoFIU and comply with requirements under the Act.”

“정부는 스테이블코인 등 가상자산을 활용한 결제·송금 서비스가 금융시스템 안정성과 이용자 보호에 미치는 영향을 감안하여, 스테이블코인 발행과 유통에 대한 별도의 규율체계를 마련하기 위한 입법을 추진 중이다.”

“Postpone the implementation of taxation on virtual assets by 2 years until 2027.”

“DeFi (decentralized finance) services using virtual assets are not institutionalized financial services and must comply with existing financial and anti-money laundering regulations where applicable.”

“The FSC views NFTs as fundamentally different from virtual assets because they are not mutually interchangeable. However, NFTs that are issued in large quantities or used for payment may be deemed virtual assets under the Act on Reporting and Use of Certain Financial Transaction Information.”

“The FSC has taken regulatory and enforcement measures in relation to virtual asset service providers, including inspections and sanctions for violations.”