{"source":"Four Pillars Asia Digital Asset Policy Center","source_url":"https://policy.4pillars.io","license":"Free to reuse with attribution. Credit \"Four Pillars Asia Digital Asset Policy Center\" and link to the page you cite (every record carries its own `url`). Primary sources remain the property of their issuers.","terms_url":"https://policy.4pillars.io/developers#attribution","data":{"id":"KR","slug":"south-korea","iso_code":"KR","name":"South Korea","region":"East Asia","region_slug":"east-asia","status":"covered","status_label":"Full dossier","headline":"A giant retail crypto market with user protection in force, still waiting on won stablecoins, corporate access and its first crypto tax.","financial_centre":"Seoul","snapshot":{"exchanges":{"name":"Exchange licensing","level":"comprehensive","label":"Comprehensive","rank":4,"note":"KoFIU reporting since 2021 and the User Protection Act since July 2024; 28 registered VASPs at end-June 2026"},"stablecoins":{"name":"Stablecoin regime","level":"developing","label":"Developing","rank":2,"note":"No won stablecoin regime; issuer bills stalled over whether banks must hold a majority stake"},"tokenization":{"name":"Tokenisation & RWA","level":"developing","label":"Developing","rank":2,"note":"STO amendments passed January 2026 and take effect 4 February 2027"},"retail":{"name":"Retail access","level":"comprehensive","label":"Comprehensive","rank":4,"note":"Retail trades on five won exchanges via real-name bank accounts; corporates are still largely excluded"},"tax":{"name":"Tax clarity","level":"developing","label":"Developing","rank":2,"note":"22% tax on annual gains above ₩2.5M is legislated but delayed three times; starts January 2027"}},"counts":{"sources":31,"licences":4,"regulators":5},"last_reviewed":"2026-10-05","url":"https://policy.4pillars.io/south-korea","api_url":"https://policy.4pillars.io/api/v1/markets/south-korea","story":["Korea's crypto rules were written in reaction to retail mania. After the 2017 boom the government banned ICOs, closed the market to corporates and tied every won deposit to a real-name bank account. The Specific Financial Information Act then required exchanges to report to the Korea Financial Intelligence Unit (KoFIU) by September 2021, which wiped out dozens of small venues and left only a handful of exchanges with won banking.","The Terra-Luna collapse in May 2022, a Korean-founded project, turned the debate to investor protection. The Act on the Protection of Virtual Asset Users took effect on 19 July 2024: exchanges must keep customer cash at banks, hold at least 80% of customer crypto in cold wallets and carry insurance or reserves, while price manipulation and insider trading became crimes supervised by the FSC and FSS.","The second phase has proved harder. Several Digital Asset Basic Act bills, starting with Min Byung-deok's in June 2025, would license issuers and service providers and create won stablecoins, but they have stalled over whether banks must own a majority of any issuer and over a 20% cap on exchange shareholders. In September 2026 a planned public hearing was cancelled and the FSC still had not sent its own draft, pushing committee review to November at the earliest.","Builders face a market with deep retail liquidity (11.2 million tradeable exchange accounts at end-June 2026) but closed doors elsewhere. Listed companies still cannot trade crypto because the phase 2 corporate guidelines are on hold, the 22% crypto gains tax finally starts in January 2027 after three delays, and tokenised securities become legal on 4 February 2027. Stricter KoFIU registration rules from August 2026 raise the bar for new entrants."],"watch":["Whether the Digital Asset Basic Act and won stablecoin rules reach committee review after the November 2026 audit season, and how the bank-majority issuer question is resolved.","Release of the phase 2 guidelines letting listed companies and professional investors trade crypto, reportedly drafted with a cap of 5% of equity capital.","The first crypto gains tax year from 1 January 2027, with first filings due in May 2028; the 2027 start is still in the Income Tax Act, but Kim Jae-seop's bill no. 2221570 of 23 September 2026 seeks a delay to 2030.","Launch of token securities on 4 February 2027, starting with institutional bonds, MMFs, trust-based unlisted stocks and fractional investments; draft implementing rules are open for comment until 11 November 2026."],"key_numbers":[{"value":"28","label":"Registered VASPs: 19 exchanges and 9 custody or wallet providers","as_of":"2026-06-30"},{"value":"11.18M","label":"Tradeable exchange user accounts","as_of":"2026-06-30"},{"value":"₩3.1T","label":"Average daily exchange trading volume, H1 2026, down 44% on H2 2025","as_of":"2026-06-30"},{"value":"22%","label":"Tax on annual crypto gains above ₩2.5 million, from January 2027","as_of":"2026-08-01"}],"jurisdictions":null,"regulators":[{"id":"kr-fsc","abbr":"FSC","name":"Financial Services Commission","role":"Sets crypto policy, administers the Virtual Asset User Protection Act and drafts the Digital Asset Basic Act.","remit":"Korea's top financial policymaker. It writes rules under the financial statutes, licenses banks, insurers and securities firms, and directs the FSS and KoFIU.","crypto":"Administers the Act on the Protection of Virtual Asset Users, in force since 19 July 2024, and has yet to send its own phase 2 Digital Asset Basic Act draft. It set the 2025 roadmap for corporate crypto access and in April 2026 ordered five-minute balance checks at exchanges after Bithumb's erroneous payout.","licences":["Issuer account management entity for token securities","Financial investment business licence for token securities distribution and OTC trading"],"jurisdiction":null,"source_url":"https://www.fsc.go.kr/eng/index","url":"https://policy.4pillars.io/south-korea#regulators","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-fss","abbr":"FSS","name":"Financial Supervisory Service","role":"Inspects VASPs, polices unfair trading in virtual assets and supervises token securities intermediaries.","remit":"The FSC's supervisory and examination arm. It inspects banks, securities firms, insurers and other financial companies, investigates unfair trading and handles consumer complaints.","crypto":"Inspects exchanges and custodians for compliance with the User Protection Act, including bank custody of user cash and cold storage, and investigates price manipulation and insider trading in virtual assets, crimes since July 2024. From February 2027 brokers must consult it before handling token securities.","licences":[],"jurisdiction":null,"source_url":"https://www.fss.or.kr/eng/main/main.do","url":"https://policy.4pillars.io/south-korea#regulators","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-kofiu","abbr":"KoFIU","name":"Korea Financial Intelligence Unit","role":"Accepts and renews VASP registrations and enforces AML rules, including the travel rule.","remit":"Korea's financial intelligence unit, housed in the FSC. It receives suspicious transaction reports, supervises anti-money laundering compliance and passes intelligence to law enforcement.","crypto":"Registers VASPs under the Specific Financial Information Act (28 at end-June 2026: 19 exchanges and 9 custody or wallet providers) and renews them every three years. Since 20 August 2026 it screens major shareholders' records and requires a debt ratio of 200% or below; the travel rule covers transfers of all sizes from 19 February 2027.","licences":["Virtual asset service provider (VASP) registration: exchange","Virtual asset service provider (VASP) registration: custody and wallet"],"jurisdiction":null,"source_url":"https://www.kofiu.go.kr/eng/main.do","url":"https://policy.4pillars.io/south-korea#regulators","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-bok","abbr":"BOK","name":"Bank of Korea","role":"Central bank; runs the Project Hangang deposit token pilot and argues for bank-led won stablecoins.","remit":"Korea's central bank. It sets the base rate to keep prices stable, issues the won and oversees payment and settlement systems.","crypto":"Ran the Project Hangang pilot, in which up to 100,000 citizens paid with bank deposit tokens from April to June 2025. It argues won stablecoins should come from bank-majority issuers, the point that has stalled the Digital Asset Basic Act, and has not decided to issue a CBDC.","licences":[],"jurisdiction":null,"source_url":"https://www.bok.or.kr/eng/main/main.do","url":"https://policy.4pillars.io/south-korea#regulators","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-nts","abbr":"NTS","name":"National Tax Service","role":"Will collect the virtual asset income tax and receive exchange transaction reports from 2027.","remit":"Korea's national tax administration. It assesses and collects national taxes such as income, corporate and value added tax, and carries out tax audits.","crypto":"Will collect the 22% tax (20% plus 2% local tax) on annual virtual asset gains above ₩2.5 million from 1 January 2027, with first filings due in May 2028. Exchanges must submit customer transaction data to it, and it publishes the official guide to calculating crypto income.","licences":[],"jurisdiction":null,"source_url":"https://www.nts.go.kr/english/main.do","url":"https://policy.4pillars.io/south-korea#regulators","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}}],"licences":[{"id":"kr-virtual-asset-service-provider-vasp-registration-exchange","name":"Virtual asset service provider (VASP) registration: exchange","regulator":{"abbr":"KoFIU","name":"Korea Financial Intelligence Unit","url":"https://www.kofiu.go.kr/eng/main.do"},"law":"Act on Reporting and Using Specified Financial Transaction Information, Art. 7","covers":"Buying, selling, exchanging and brokering virtual assets for customers, in won or coin-only markets.","requirements":["ISMS information security certification from the Korea Internet & Security Agency","Real-name verified bank account to offer won trading","Debt ratio of 200% or below and clean records for executives and largest shareholders (from August 2026)","AML programme and travel rule for transfers of ₩1 million or more between registered VASPs, widening to all sizes from 19 February 2027","User Protection Act duties: bank custody of user cash, 80% of user crypto in cold storage, insurance or reserves","Registration renewal every three years"],"holders":19,"holders_as_of":"2026-06-30","notable_holders":["Upbit (Dunamu)","Bithumb","Coinone","Korbit","Gopax"],"register_url":"https://www.kofiu.go.kr/kor/notification/notice_view.do?ntcnYardOrdrNo=194","jurisdiction":null,"url":"https://policy.4pillars.io/south-korea/licences#lic-1","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-virtual-asset-service-provider-vasp-registration-custody-and-wallet","name":"Virtual asset service provider (VASP) registration: custody and wallet","regulator":{"abbr":"KoFIU","name":"Korea Financial Intelligence Unit","url":"https://www.kofiu.go.kr/eng/main.do"},"law":"Act on Reporting and Using Specified Financial Transaction Information, Art. 7","covers":"Safekeeping and administering virtual assets on behalf of customers, including institutional custody.","requirements":["ISMS information security certification","Fit and proper executives and major shareholders","AML and travel rule compliance","Segregation and cold storage of customer assets under the User Protection Act"],"holders":9,"holders_as_of":"2026-06-30","notable_holders":[],"register_url":"https://www.kofiu.go.kr/kor/notification/notice_view.do?ntcnYardOrdrNo=194","jurisdiction":null,"url":"https://policy.4pillars.io/south-korea/licences#lic-2","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-issuer-account-management-entity-for-token-securities","name":"Issuer account management entity for token securities","regulator":{"abbr":"FSC","name":"Financial Services Commission","url":"https://www.fsc.go.kr/eng/index"},"law":"Act on Electronic Registration of Stocks and Bonds, as amended January 2026 (effective 4 February 2027)","covers":"Lets issuers of token securities keep investor securities accounts on a distributed ledger registered with the KSD.","requirements":["Equity capital of ₩4 billion or more","Minimum staff: one for account management, one for internal control and two for IT","Compliance with IT and cybersecurity standards","Distributed ledger screened by the Korea Securities Depository"],"holders":null,"holders_as_of":null,"notable_holders":[],"register_url":null,"jurisdiction":null,"url":"https://policy.4pillars.io/south-korea/licences#lic-3","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-financial-investment-business-licence-for-token-securities-distribution-and-otc-trading","name":"Financial investment business licence for token securities distribution and OTC trading","regulator":{"abbr":"FSC","name":"Financial Services Commission","url":"https://www.fsc.go.kr/eng/index"},"law":"Financial Investment Services and Capital Markets Act, as amended January 2026","covers":"Brokering, dealing and running OTC venues for token securities, including investment contract securities and fractional investments.","requirements":["Existing investment dealing or brokerage licence; no separate token licence","Prior consultation with the FSS before intermediating token securities","Retail limit of ₩100 million in annual net purchases per OTC venue","Unfair trading surveillance under the Capital Markets Act"],"holders":null,"holders_as_of":null,"notable_holders":[],"register_url":null,"jurisdiction":null,"url":"https://policy.4pillars.io/south-korea/licences#lic-4","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}}],"milestones":[{"date":"2021-03-25","date_precision":"day","title":"VASP reporting under the Specific Financial Information Act begins","detail":"Exchanges had until 24 September 2021 to register with KoFIU, with a real-name bank account required for won trading."},{"date":"2022-03-25","date_precision":"day","title":"Travel rule takes effect for transfers of ₩1 million or more","detail":"Exchanges began exchanging sender and recipient data on transfers between registered VASPs."},{"date":"2022-05-01","date_precision":"month","title":"Terra-Luna collapses","detail":"The failure of the Korean-founded stablecoin project pushed lawmakers toward a dedicated user protection law."},{"date":"2024-07-19","date_precision":"day","title":"Act on the Protection of Virtual Asset Users takes effect","detail":"It mandates bank custody of user cash, cold storage of user crypto and criminal penalties for market abuse."},{"date":"2024-12-01","date_precision":"month","title":"Crypto tax delayed a third time, to 2027","detail":"The National Assembly moved the start of the 22% tax on virtual asset income to 1 January 2027."},{"date":"2025-02-13","date_precision":"day","title":"FSC unveils phased roadmap for corporate crypto access","detail":"Non-profits and exchanges could sell crypto from June 2025; listed firms and professional investors were promised access later."},{"date":"2025-04-01","date_precision":"day","title":"Bank of Korea starts the Project Hangang pilot","detail":"Up to 100,000 citizens used bank deposit tokens for retail payments until 30 June 2025."},{"date":"2025-06-11","date_precision":"day","title":"Digital Asset Basic Act introduced","detail":"Min Byung-deok's bill proposed issuer and service provider licensing and a regime for won stablecoins."},{"date":"2026-01-15","date_precision":"day","title":"Token securities legislation passes","detail":"Amendments to the Electronic Registration Act and the Capital Markets Act recognise distributed ledgers as securities registries."},{"date":"2026-01-29","date_precision":"day","title":"VASP entry rules tightened by law","detail":"The Specific Financial Information Act amendment lets KoFIU check major shareholders' criminal records and financial soundness."},{"date":"2026-04-06","date_precision":"day","title":"Exchanges ordered to reconcile balances in real time","detail":"After Bithumb's erroneous payout in February 2026, the FSC required five-minute ledger-to-wallet checks and kill switches."},{"date":"2026-08-20","date_precision":"day","title":"Stricter VASP registration requirements take effect","detail":"Registrants now need a debt ratio of 200% or below and clean records for executives and largest shareholders."}],"sources":[{"id":"kr-a7d6a804","title":"Act on the Protection of Virtual Asset Users","local_title":"가상자산 이용자 보호 등에 관한 법률","issuer":"Ministry of Government Legislation (National Law Information Center)","date":"2024-07-19","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Korea's first crypto-specific statute, enacted July 2023 and in force 19 July 2024. It protects user deposits and assets and criminalises unfair trading.","source_url":"https://www.law.go.kr/%EB%B2%95%EB%A0%B9/%EA%B0%80%EC%83%81%EC%9E%90%EC%82%B0%EC%9D%B4%EC%9A%A9%EC%9E%90%EB%B3%B4%ED%98%B8%EB%93%B1%EC%97%90%EA%B4%80%ED%95%9C%EB%B2%95%EB%A5%A0","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-068b1eaa","title":"The Act on the Protection of Virtual Asset Users to Take Effect from July 19","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2024-07-17","date_precision":"day","status":"in-force","status_label":"In force","category":"consumer","category_label":"Investor protection","topic_slug":"investor-protection","summary":"FSC summary of the Act: bank custody of user funds, cold storage and insurance duties, the ban on unfair trading, and FSC/FSS supervisory powers over VASPs.","source_url":"https://www.fsc.go.kr/eng/pr010101/82683","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-4ff51df5","title":"New Enforcement Decree on the Protection of Virtual Asset Users Approved by the Government","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2024-06-25","date_precision":"day","status":"in-force","status_label":"In force","category":"consumer","category_label":"Investor protection","topic_slug":"investor-protection","summary":"Sets the detailed rules under the Act, including how exchanges must hold user funds and crypto and handle abnormal transactions.","source_url":"https://www.fsc.go.kr/eng/pr010101/82534","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-d7b247ed","title":"Digital Asset Basic Act (bill no. 2210736)","local_title":"디지털자산기본법안 (민병덕의원 등 37인)","issuer":"National Assembly of the Republic of Korea","date":"2025-06-11","date_precision":"day","status":"bill","status_label":"Bill","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"The lead phase 2 bill, pending before the National Policy Committee. It would license digital asset businesses and issuers and create a regime for asset-referenced tokens, including won stablecoins.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_T2R5S0Q6P0P5X0Y9W1W1V3V0U7C4C1","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-1c7d1d2c","title":"Act on Payment Innovation Using Value-Fixed Digital Assets (bill no. 2211777)","local_title":"가치고정형 디지털자산을 활용한 지급 혁신에 관한 법률안 (김은혜의원 등 10인)","issuer":"National Assembly of the Republic of Korea","date":"2025-07-28","date_precision":"day","status":"bill","status_label":"Bill","category":"stablecoins","category_label":"Stablecoins & payments","topic_slug":"stablecoins-payments","summary":"The People Power Party's stablecoin bill. Issuers would need an FSC licence and face white-paper liability, redemption and reserve rules, and registered foreign stablecoins could circulate. Unlike most rival bills it does not ban paying interest.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_U2S5A0B7Z2Z5Y1Z5X1F7F3E8F3D3D5","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-3ade569d","title":"Act on the Issuance and Distribution of Value-Stable Digital Assets (bill no. 2211784)","local_title":"가치안정형 디지털자산의 발행 및 유통에 관한 법률안 (안도걸의원 등 10인)","issuer":"National Assembly of the Republic of Korea","date":"2025-07-28","date_precision":"day","status":"bill","status_label":"Bill","category":"stablecoins","category_label":"Stablecoins & payments","topic_slug":"stablecoins-payments","summary":"Would license stablecoin issuers through the FSC with reserve, disclosure and redemption duties and a ban on paying interest, and give the Bank of Korea and the Ministry of Economy and Finance a role in oversight.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_K2L5J0I7I2G8H0C9D0B9C3A7B5Z3A7","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-af362856","title":"Act on the Value-Stable Digital Asset Issuance Business (bill no. 2212298)","local_title":"가치안정형 디지털자산 발행업 등에 관한 법률안 (김현정의원 등 12인)","issuer":"National Assembly of the Republic of Korea","date":"2025-08-21","date_precision":"day","status":"bill","status_label":"Bill","category":"stablecoins","category_label":"Stablecoins & payments","topic_slug":"stablecoins-payments","summary":"Would license stablecoin issuers, require segregated reserves at least equal to the coins in issue and redemption on demand, and set rules for foreign stablecoins traded on Korean exchanges. One of several competing bills awaiting a merged government and ruling party draft.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_K2S5R0S8R1P9L1K0J2H8I3R9K6J6K7","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-dd6fdd36","title":"Act on Innovation and Growth of the Digital Asset Market (bill no. 2213166)","local_title":"디지털자산시장의 혁신과 성장에 관한 법률안 (이강일의원 등 11인)","issuer":"National Assembly of the Republic of Korea","date":"2025-09-22","date_precision":"day","status":"bill","status_label":"Bill","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Would allow domestic token offerings backed by issuer disclosure, license stablecoin issuers, bring crypto businesses under licensing or registration, ban market abuse and set up a self-regulatory body.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_K2J5G0R9O0N4W1T5S1B8A5W9T2C8C5","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-fc4756fb","title":"Digital Asset Market Integration Act (bill no. 2213266)","local_title":"디지털자산시장통합법안 (김재섭의원 등 10인)","issuer":"National Assembly of the Republic of Korea","date":"2025-09-25","date_precision":"day","status":"bill","status_label":"Bill","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Would pull Korea's scattered crypto rules into one law, with FSC licensing or registration of businesses, user protection, disclosure and market abuse rules, and special rules for fixed-value coins.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_T2U5P0Q9P2N4N1V5T4S1S3Q4R1Z5Z8","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-5919963e","title":"Basic Act on Fostering Digital Assets (bill no. 2213449)","local_title":"디지털자산 육성 기본법안 (최보윤의원 등 10인)","issuer":"National Assembly of the Republic of Korea","date":"2025-10-01","date_precision":"day","status":"bill","status_label":"Bill","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"An industry promotion law: a national master plan and committee, business licensing, reserve rules for stablecoin issuers and a self-regulatory Korea Digital Asset Business Association running listing and market surveillance committees.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_H2P5Q0O9N2N2M1M4U1U4T0U8S5S5R1","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-095d865b","title":"Act on Digital Asset Markets and Industry (bill no. 2214492)","local_title":"디지털자산의 시장 및 산업에 관한 법률안 (박상혁의원 등 10인)","issuer":"National Assembly of the Republic of Korea","date":"2025-11-24","date_precision":"day","status":"bill","status_label":"Bill","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Would replace the User Protection Act with a comprehensive law that treats professional and general users differently, add stablecoin issuance and reserve rules, and amend the Capital Markets Act to allow crypto ETFs and derivatives.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_O2P5N1N1W1W2U1V0U4S6S0H6I6G0H0","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-b8065675","title":"Full Amendment of the Act on the Protection of Virtual Asset Users (bill no. 2215245)","local_title":"가상자산 이용자 보호 등에 관한 법률 전부개정법률안 (이성권의원 등 11인)","issuer":"National Assembly of the Republic of Korea","date":"2025-12-15","date_precision":"day","status":"bill","status_label":"Bill","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Would rewrite the 2024 User Protection Act as the Digital Asset Industry Development and User Protection Act, adding a development plan and fund, FSC licensing of businesses, registration of token issuances and mandatory disclosure.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_J2I5J1H1H2D6C0C9A5B4Z1A3I6I0G0","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-48b64ef9","title":"Virtual Asset Basic Act (bill no. 2218219)","local_title":"가상자산기본법안 (김성원의원 등 10인)","issuer":"National Assembly of the Republic of Korea","date":"2026-04-09","date_precision":"day","status":"bill","status_label":"Bill","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"A People Power Party basic law: FSC authorisation for stablecoin issuers, advance notice for other token issuances, FSC approval for exchanges to offer derivatives, services for professional investors and bans on insider trading and manipulation.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_B2J6K0I3I0H5F1G1O2O1N5N2M7M5K6","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-95d75460","title":"Capital Markets Act amendment to allow spot crypto ETFs (bill no. 2211117)","local_title":"자본시장과 금융투자업에 관한 법률 일부개정법률안 (민병덕의원 등 20인)","issuer":"National Assembly of the Republic of Korea","date":"2025-06-27","date_precision":"day","status":"bill","status_label":"Bill","category":"securities","category_label":"Tokenisation & securities","topic_slug":"tokenisation-securities","summary":"Would let crypto assets designated by the FSC serve as the underlying asset of funds and derivatives, with trust companies holding them through qualified custodians: the legal route to spot bitcoin ETFs.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_G2H5F0G6N2M5N0L9L5K2K5G9H1F8F5","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-47331658","title":"Income Tax Act amendment to abolish the crypto gains tax (bill no. 2217609)","local_title":"소득세법 일부개정법률안 (송언석의원 등 12인)","issuer":"National Assembly of the Republic of Korea","date":"2026-03-19","date_precision":"day","status":"bill","status_label":"Bill","category":"tax","category_label":"Tax","topic_slug":"tax","summary":"Would repeal the tax on virtual asset gains due from 1 January 2027, as the financial investment income tax was repealed before it. Taken up by the Finance and Economic Planning Committee on 29 July 2026.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_T2S6R0Z3Y1X8V1S7R5N0W4V6U6T0B8","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-260409ce","title":"Income Tax Act amendment to defer the crypto gains tax to 2029 (bill no. 2220914)","local_title":"소득세법 일부개정법률안 (김상훈의원 등 12인)","issuer":"National Assembly of the Republic of Korea","date":"2026-08-28","date_precision":"day","status":"bill","status_label":"Bill","category":"tax","category_label":"Tax","topic_slug":"tax","summary":"Would push the start of crypto gains taxation back two years to 1 January 2029, citing gaps in tracing DeFi and peer-to-peer trades and in cross-border data exchange. Taken up by the Finance and Economic Planning Committee on 29 September 2026.","source_url":"https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_X2X6W0X8V2V8D1C3C3A6B5A5A4I6H5","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-e7968171","title":"Act on Reporting and Using Specified Financial Transaction Information","local_title":"특정 금융거래정보의 보고 및 이용 등에 관한 법률","issuer":"Ministry of Government Legislation (National Law Information Center)","date":"2021-03-25","date_precision":"day","status":"in-force","status_label":"In force","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"The AML statute that has required VASPs to register with KoFIU since March 2021, with ISMS certification and a real-name bank account for won trading.","source_url":"https://www.law.go.kr/%EB%B2%95%EB%A0%B9/%ED%8A%B9%EC%A0%95%EA%B8%88%EC%9C%B5%EA%B1%B0%EB%9E%98%EC%A0%95%EB%B3%B4%EC%9D%98%EB%B3%B4%EA%B3%A0%EB%B0%8F%EC%9D%B4%EC%9A%A9%EB%93%B1%EC%97%90%EA%B4%80%ED%95%9C%EB%B2%95%EB%A5%A0","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-e6e268ac","title":"Legislative Ground Established to Check Criminal Record on Major Shareholders of Virtual Asset Service Providers","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2026-01-29","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Amendment passed 29 January 2026 extending KoFIU's registration screening to major shareholders, financial soundness and internal controls, and letting it attach conditions to registrations.","source_url":"https://www.fsc.go.kr/eng/pr010101/86176","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-736e3c91","title":"Rules Change Approved to Strengthen Registration and Anti-Money Laundering Requirements of VASPs","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2026-08-11","date_precision":"day","status":"in-force","status_label":"In force","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"Enforcement decree approved 11 August 2026: tougher registration rules took effect on 20 August 2026, while the travel rule for transfers of all sizes and reporting of overseas transfers of ₩10 million or more start on 19 February 2027, six months after promulgation.","source_url":"https://www.fsc.go.kr/eng/pr010101/87500","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-fd7e518a","title":"Real-Time Balance Reconciliation and Enhanced Internal Control Required for Virtual Asset Exchanges","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2026-04-06","date_precision":"day","status":"guidance","status_label":"Guidance","category":"consumer","category_label":"Investor protection","topic_slug":"investor-protection","summary":"Post-Bithumb measures: five-minute ledger-to-wallet reconciliation, automated kill switches and monthly external verification for the five major exchanges.","source_url":"https://www.fsc.go.kr/eng/pr010101/86638","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-66bd36a4","title":"KoFIU Unveils H2 2025 Survey Result on Virtual Asset Service Providers","local_title":null,"issuer":"Korea Financial Intelligence Unit (KoFIU)","date":"2026-03-25","date_precision":"day","status":"superseded","status_label":"Superseded","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Official market census of all 27 registered VASPs: ₩87.2 trillion market value, ₩5.4 trillion daily volume and ₩8.1 trillion in won deposits at end-2025. Replaced by the H1 2026 survey.","source_url":"https://www.fsc.go.kr/eng/pr010101/86533","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-983e4c70","title":"KoFIU Unveils H1 2026 Survey Result on Virtual Asset Service Providers","local_title":null,"issuer":"Korea Financial Intelligence Unit (KoFIU)","date":"2026-10-01","date_precision":"day","status":"guidance","status_label":"Guidance","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Census of 26 of the 28 registered VASPs (two did not submit data) at end-June 2026: market value fell to ₩58.9 trillion, daily volume to ₩3.1 trillion and won deposits to ₩5.2 trillion, while tradeable accounts rose to 11.18 million.","source_url":"https://www.fsc.go.kr/eng/pr010101/87833","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-aa6702e5","title":"Transactions of Virtual Assets by Corporate Entities to be Allowed in Stages","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2025-02-13","date_precision":"day","status":"guidance","status_label":"Guidance","category":"banking","category_label":"Banks & prudential","topic_slug":"bank-capital","summary":"Roadmap to end the informal 2017 ban on corporate bank accounts for crypto, starting with non-profits and exchanges, then listed companies and professional investors.","source_url":"https://www.fsc.go.kr/eng/pr010101/84004","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-a96071d5","title":"Sale of Virtual Assets by Non-profit Corporations and Exchanges will be Allowed From June","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2025-05-02","date_precision":"day","status":"guidance","status_label":"Guidance","category":"banking","category_label":"Banks & prudential","topic_slug":"bank-capital","summary":"Phase 1 guidelines letting audited non-profits liquidate donated crypto and exchanges sell top-20 assets to cover costs through real-name accounts.","source_url":"https://www.fsc.go.kr/eng/pr010101/84489","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-1ce8052e","title":"Amended Legislation Establishes Legal Ground for Introducing and Circulating Security Tokens","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2026-01-15","date_precision":"day","status":"enacted","status_label":"Enacted","category":"securities","category_label":"Tokenisation & securities","topic_slug":"tokenisation-securities","summary":"Amendments to the Electronic Registration Act and the Capital Markets Act, passed 15 January 2026 and effective 4 February 2027, recognise distributed ledgers as securities registries and let brokers distribute investment contract securities.","source_url":"https://www.fsc.go.kr/eng/pr010101/86076","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-5d97ec0b","title":"FSC Introduces Policy Roadmap on Digital Transformation and Tokenization of Securities Issuance and Circulation","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2026-09-04","date_precision":"day","status":"guidance","status_label":"Guidance","category":"securities","category_label":"Tokenisation & securities","topic_slug":"tokenisation-securities","summary":"Three-phase plan from 4 February 2027, with ₩4 billion capital for issuer account managers and a ₩100 million annual retail cap per OTC venue.","source_url":"https://www.fsc.go.kr/eng/pr010101/87653","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-955ba5f0","title":"FSC Proposes Rules Change to Pave Way for Tokenization of Securities Issuance and Circulation","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2026-10-01","date_precision":"day","status":"consultation","status_label":"Consultation","category":"securities","category_label":"Tokenisation & securities","topic_slug":"tokenisation-securities","summary":"Draft enforcement rules under the Capital Markets Act and Electronic Registration Act, open for comment from 2 October to 11 November 2026: ledgers shared by at least two account managers and the KSD, ₩4 billion capital for issuer account managers and a new OTC licence unit for debt securities.","source_url":"https://www.fsc.go.kr/eng/pr010101/87834","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-2078686d","title":"Authorities Introduce Guidelines for Determining When Non-fungible Tokens Qualify as Virtual Assets","local_title":null,"issuer":"Financial Services Commission (FSC)","date":"2024-06-10","date_precision":"day","status":"guidance","status_label":"Guidance","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Explains when NFTs issued in large series or used as payment fall under the User Protection Act as virtual assets.","source_url":"https://www.fsc.go.kr/eng/pr010101/82419","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-24ef6b15","title":"Income Tax Act (virtual asset income provisions)","local_title":"소득세법","issuer":"Ministry of Government Legislation (National Law Information Center)","date":"2027-01-01","date_precision":"day","status":"enacted","status_label":"Enacted","category":"tax","category_label":"Tax","topic_slug":"tax","summary":"Taxes gains from transferring or lending virtual assets as other income at 20% plus 2% local tax above ₩2.5 million a year, effective 1 January 2027 after three postponements.","source_url":"https://www.law.go.kr/%EB%B2%95%EB%A0%B9/%EC%86%8C%EB%93%9D%EC%84%B8%EB%B2%95","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-d56dc197","title":"Overview of taxation of virtual asset income for residents","local_title":"거주자의 가상자산소득 과세 개요","issuer":"National Tax Service (NTS)","date":"2026-01-01","date_precision":"year","status":"guidance","status_label":"Guidance","category":"tax","category_label":"Tax","topic_slug":"tax","summary":"The NTS guide to how crypto income will be calculated and filed, including exchange obligations to submit transaction data.","source_url":"https://www.nts.go.kr/nts/cm/cntnts/cntntsView.do?mi=40370&cntntsId=238935","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}},{"id":"kr-c5beceba","title":"Central Bank Digital Currency","local_title":null,"issuer":"Bank of Korea (BOK)","date":"2025-01-01","date_precision":"year","status":"guidance","status_label":"Guidance","category":"cbdc","category_label":"CBDC & tokenised money","topic_slug":"cbdc","summary":"The BOK's CBDC page, covering its experiments and the joint FSC, FSS and BIS project behind Project Hangang. It says no issuance decision has been made.","source_url":"https://www.bok.or.kr/eng/bbs/B0000364/list.do?menuNo=400411","url":"https://policy.4pillars.io/south-korea/regulation","market":{"slug":"south-korea","iso_code":"KR","name":"South Korea","url":"https://policy.4pillars.io/south-korea"}}]}}