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South Korea

KR / KORLegal — Regulated

VASP registration with KFIU mandatory since 2021. Virtual Asset User Protection Act enacted July 2024 — imposes market manipulation prohibition, insider trading rules, and mandatory reserve requirements.

Key Regulations

Special Act on Reporting and Use of Specific Financial Transaction InformationVirtual Asset User Protection Act (2024)

Regulatory Context

Crypto assets are legal in South Korea under applicable regulatory frameworks. Exchanges and service providers typically require registration or licensing with FSC / FSS. AML/KYC obligations apply to virtual asset service providers (VASPs) under FATF guidance.

Regulatory Profile

Primary Regulator

FSC / FSS

Official site

Currency

KRW

MiCA Applies

FATF Member

Yes

OFAC Sanctions

None

G20 / OECD

G20 · OECD

SL-1 API Call

{
  "action": "place_order",
  "actor": {
    "declared_jurisdiction": "KR"
  }
}

Expected verdict

COMPLIANT

Test SL-1 on your protocol →

Other Legal — Regulated Jurisdictions