South Korea
South KoreaA giant retail crypto market with user protection in force, still waiting on won stablecoins, corporate access and its first crypto tax.
Licences
What it takes to operate in South Korea: 4 licences, who issues each, what it covers and who holds one.
Licences over time
New licences each year, those cancelled, revoked or surrendered, and how many hold one.
- Hold a licence now
- 19
- New in 2026 so far
- +1
- Cancelled in 2026 so far
- −1
Grants are dated to the day KoFIU issued the acceptance certificate (신고수리증 교부일) and cancellations to when an unrenewed registration lapsed at the end of its three-year term (the month only where KoFIU's list caught up later), with renamed firms kept as one holder and Hyperithm, registered for trading but not custody, counted here as in KoFIU's end-June 2026 split although its earlier surveys counted it as a wallet and custody firm. From the official register and the regulator's notices, read 10 Oct 2026.
See the numbers
| Year | New | Cancelled | Holders |
|---|---|---|---|
| 2026 so far | +1 | −1 | 19 |
| 2025 | +1 | −5 | 19 |
| 2024 | +2 | −7 | 23 |
| 2022 | +7 | – | 28 |
| 2021 | +21 | – | 21 |
Virtual asset service provider (VASP) registration: exchange
KoFIU · Act on Reporting and Using Specified Financial Transaction Information, Art. 7
Buying, selling, exchanging and brokering virtual assets for customers, in won or coin-only markets.
What it takes
- 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 include
Virtual asset service provider (VASP) registration: custody and wallet
KoFIU · Act on Reporting and Using Specified Financial Transaction Information, Art. 7
Safekeeping and administering virtual assets on behalf of customers, including institutional custody.
What it takes
- 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
Issuer account management entity for token securities
FSC · Act on Electronic Registration of Stocks and Bonds, as amended January 2026 (effective 4 February 2027)
Lets issuers of token securities keep investor securities accounts on a distributed ledger registered with the KSD.
What it takes
- 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
Financial investment business licence for token securities distribution and OTC trading
FSC · Financial Investment Services and Capital Markets Act, as amended January 2026
Brokering, dealing and running OTC venues for token securities, including investment contract securities and fractional investments.
What it takes
- 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
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