Korea (the Republic of)

Retail_Trading_Status

Allowed-Regulated Unknown

Analysis ID: #143
Version: Archived
Created: 2025-04-12 06:50
Run: e8af532e...
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Workflow Stage: Live

Executive Summary

Retail cryptocurrency trading is allowed in South Korea but heavily regulated by the Financial Services Commission (FSC) and the Korea Financial Intelligence Unit (KoFIU). Key regulations include the Specific Financial Information Act and the Virtual Asset User Protection Act (VAUPA), focusing on AML/KYC, real-name account verification, and user asset protection. VASPs must register and comply with strict rules enforced by the FSC. Institutional trading is gradually being permitted, while ICOs remain banned.

Key Pillars

The primary regulator is the Financial Services Commission (FSC) and its subordinate, the Korea Financial Intelligence Unit (KoFIU). Core compliance requirements include stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures, Know Your Customer (KYC) procedures, and compliance with the Financial Action Task Force (FATF) Travel Rule. VASPs must register with the KoFIU and partner with domestic banks to implement mandatory real-name verified accounts.

Landmark Laws

Act on Reporting and Use of Specific Financial Transaction Information (Specific Financial Information Act): Amended March 2020, effective March 2021, mandates VASP registration, real-name verified accounts, AML/CTF compliance.
Virtual Asset User Protection Act (VAUPA): Passed June 2023, effective July 19, 2024, focuses on user asset protection, market integrity, and FSC oversight, including requirements for segregated accounts, cold wallet storage, and insurance/reserves.

Considerations

Crypto assets are traded as assets, but are not considered legal tender. Taxation on crypto gains has been postponed, potentially until 2028. Regulations emphasize real-name verification and strict compliance to prevent money laundering and protect users, requiring VASPs to implement robust AML/KYC procedures and store a significant portion of user funds in cold wallets. Risks of market manipulation and insider trading are addressed through the VAUPA, with substantial penalties for violations.

Notes

Initial Coin Offerings (ICOs) have been banned since 2017, though this may be revisited. Taxation on crypto gains (originally planned for 2023, then 2025) has been further postponed, potentially until 2028. The FSC is working on a second phase of crypto legislation, expected by mid-to-late 2025, likely covering stablecoins, token listing standards, and further VASP operational rules. The real-name account system, while enhancing transparency, concentrates market power among exchanges with banking partnerships.

Detailed Explanation

Retail trading of cryptocurrencies is legally permitted in South Korea but operates under strict regulations. The Financial Services Commission (FSC) and the Korea Financial Intelligence Unit (KoFIU) are the primary regulatory bodies. Key legislation includes the Act on Reporting and Use of Specific Financial Transaction Information (Specific Financial Information Act), amended in March 2020 and effective from March 2021, mandating Virtual Asset Service Providers (VASPs) to register with the KoFIU, implement real-name verified accounts, and comply with AML/CTF obligations. Failure to comply can result in imprisonment and fines. The Virtual Asset User Protection Act (VAUPA), passed in June 2023 and effective from July 19, 2024, focuses on user asset protection and market integrity. It requires VASPs to segregate user assets, store at least 80% in cold wallets, and maintain insurance or reserves. The VAUPA also prohibits market manipulation and insider trading, granting the FSC oversight powers. Users must have real-name bank accounts at the same bank that their VASP partners with to deposit or withdraw Korean Won (KRW). While institutional trading was historically restricted, the FSC plans to gradually permit corporate access, starting with non-profits and qualified professional investors, though financial institutions remain excluded. Initial Coin Offerings (ICOs) remain banned since 2017. Taxation on crypto gains has been postponed, potentially until 2028. The FSC is developing a second phase of crypto legislation expected by mid-to-late 2025, covering stablecoins and token listing standards. South Korea emphasizes strict regulations enforced by the FSC and KoFIU, including real-name verification, AML/CFT compliance, and user asset protection.

Summary Points

Retail Trading of Cryptocurrencies in South Korea: Regulatory Overview (April 12, 2025)

I. General Regulatory Status:

Allowed-Regulated: Retail trading of cryptocurrencies is permitted but subject to strict regulations.

II. Key Regulatory Bodies and Roles:

Financial Services Commission (FSC):
- Primary regulatory body overseeing the virtual asset market.
- Has authority to supervise, inspect, and sanction Virtual Asset Service Providers (VASPs).
Korea Financial Intelligence Unit (KoFIU):
- Subordinate to the FSC.
- Responsible for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) oversight.
- Manages VASP registration.

III. Key Legislation and Regulations:

Act on Reporting and Use of Specific Financial Transaction Information (Specific Financial Information Act):
- Amended in March 2020, effective March 2021.
- Brought VASPs under stringent AML/CTF obligations.
- Key Requirements:
  - VASP registration with KoFIU.
  - Partnerships with domestic banks for real-name verified accounts.
  - Know Your Customer (KYC) procedures.
  - Compliance with the Financial Action Task Force (FATF) Travel Rule.
- Penalties: Severe penalties, including imprisonment and fines, for non-compliance, especially regarding real-name accounts.
Virtual Asset User Protection Act (VAUPA):
- Passed in June 2023, effective July 19, 2024.
- Focuses on user protection and market integrity.
- Key Provisions:
  - User Asset Protection:
    - Mandatory segregation of user assets from VASP assets.
    - Detailed record-keeping.
    - Storage of at least 80% of user virtual assets in cold wallets (offline storage).
    - Maintenance of insurance or reserves to cover potential losses from hacking or system failures.
  - Unfair Trading Practices:
    - Prohibition of market manipulation, insider trading, and other fraudulent activities.
    - Significant penalties, including imprisonment and fines based on illicit profits.
  - FSC Oversight: Grants the FSC comprehensive oversight and enforcement powers.

IV. Requirements for Compliance:

Real-Name Account System:
- Users must have a verified real-name bank account at the same bank that the VASP partners with to deposit/withdraw Korean Won (KRW).
AML/KYC/Travel Rule Compliance:
- VASPs must conduct Customer Due Diligence (CDD), including Simplified and Enhanced Due Diligence where applicable.
- VASPs must comply with the FATF Travel Rule, requiring the exchange of customer data with transaction counterparties.
User Asset Protection:
- Store at least 80% of user funds in cold storage.
- Purchase liability insurance or set aside reserves to cover losses from hacking or system failures.

V. Notable Restrictions or Limitations:

Initial Coin Offerings (ICOs): Remain banned since 2017.
Institutional Trading: Historically restricted, but policy is shifting.
- FSC plans to gradually permit corporate and institutional access, starting with non-profits, universities, and qualified professional investors.
- Financial institutions remain excluded for now due to contagion concerns.

VI. Recent Developments or Changes:

Institutional Access Shift (2024/2025): FSC announced plans to gradually permit corporate and institutional access to crypto trading.
Taxation Postponement: Taxation on crypto gains has been further postponed, potentially until 2028.
Second Phase of Crypto Legislation (Expected Mid-to-Late 2025): Likely to cover stablecoins, token listing standards, and further VASP operational rules.

Full Analysis Report

Financial Regulatory Analyst Report: South Korea

Topic: Retail_Trading_Status
Date: April 12, 2025

1. Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Retail trading of cryptocurrencies (virtual assets) by individual citizens and residents is legally permitted in the Republic of Korea (South Korea), but it operates within a highly regulated environment. South Korea has been proactive in establishing a comprehensive legal framework to oversee the virtual asset market, driven by high domestic adoption rates, significant trading volumes (sometimes leading to the "Kimchi Premium"), and concerns over investor protection, market manipulation, and illicit activities following events like the Terra-Luna collapse.

The primary regulatory bodies are the Financial Services Commission (FSC) and its subordinate Financial Intelligence Unit (KoFIU). Key legislation governing the sector includes:

The Act on Reporting and Use of Specific Financial Transaction Information (Specific Financial Information Act): Amended significantly in March 2020 and effective from March 2021, this act brought Virtual Asset Service Providers (VASPs) – such as exchanges, wallet providers, and custodians – under stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) obligations [3, 11, 13]. It mandates VASP registration with the KoFIU, requires partnerships with domestic banks to implement mandatory real-name verified accounts for all users, imposes Know Your Customer (KYC) procedures, and necessitates compliance with the Financial Action Task Force (FATF) Travel Rule [6, 7, 16]. Failure to comply, particularly regarding real-name accounts, can lead to severe penalties, including imprisonment and fines [6, 16]. Foreign VASPs targeting Korean customers must also register and comply [4].
The Virtual Asset User Protection Act (VAUPA): Passed in June 2023 and effective from July 19, 2024, this act represents the first phase of dedicated crypto legislation in South Korea [4, 5, 8]. It focuses explicitly on protecting users and ensuring market integrity. Key provisions include [3, 9]:
- User Asset Protection: Mandating VASPs to segregate user assets from their own, keep detailed records, store at least 80% of user virtual assets in cold wallets (offline storage), and maintain insurance or reserves to cover potential losses from hacking or system failures.
- Unfair Trading Practices: Prohibiting market manipulation, use of undisclosed material information (insider trading), and other fraudulent activities, with significant penalties including imprisonment and fines based on illicit profits.
- FSC Oversight: Granting the FSC authority to supervise, inspect, and sanction VASPs.

The real-name account system is a cornerstone of South Korean crypto regulation. Users can only deposit Korean Won (KRW) into and withdraw KRW from a VASP if they have a verified real-name bank account at the same bank that the VASP partners with [7, 16]. This significantly enhances transparency and aids AML efforts but also concentrates market power among the few exchanges (like Upbit and Bithumb) that have secured these crucial banking partnerships [2, 4].

While retail trading is well-established within this regulated framework, institutional trading by corporations was historically restricted due to FSC guidance discouraging banks from providing services [10, 15]. However, policy is shifting. Since 2024/2025, the FSC has announced plans to gradually permit corporate and institutional access, starting with non-profits, universities, and certain qualified professional investors, though financial institutions remain excluded for now due to contagion concerns [2, 10, 14, 18].

Other relevant points include:
* Initial Coin Offerings (ICOs) remain banned since 2017, though this may be revisited [5, 19].
* Taxation on crypto gains (originally planned for 2023, then 2025) has been further postponed, potentially until 2028 [4, 5].
* The FSC is working on a second phase of crypto legislation, expected by mid-to-late 2025, likely covering stablecoins, token listing standards, and further VASP operational rules [10, 12, 15].

In summary, South Korean individuals can actively trade cryptocurrencies, but only through registered VASPs complying with strict regulations centered on real-name verification, AML/CFT, user asset protection, and market conduct rules enforced by the FSC and KoFIU.

3. Specific, Relevant Text Excerpts:

On Legality for Individuals: "South Koreans can own cryptocurrencies and trade on licensed exchanges. They are not considered legal tender or financial assets in their own right." [19] / "Is Crypto Trading Legal in South Korea? Yes. Cryptocurrency, while not considered money in South Korea, can be traded as an asset on exchanges." [20]
On Key Legislation (Specific Financial Information Act): "Virtual Asset Service Providers (VASPs), have been regulated under the Act on Reporting and Using Specified Financial Transaction Information in South Korea since March 2021." [3] / "Korea's amended Act on Reporting and Use of Specific Financial Transactions now requires domestic cryptocurrency exchanges, known as virtual asset service providers (VASPs), to register an authorized real-name bank account and report it to their domestic financial intelligence unit (FIU)..." [13]
On Key Legislation (VAUPA): "The VAUPA came into effect on July 19, 2024. This law focuses on safeguarding the assets of virtual asset users, preventing unfair practices in the virtual asset market, and granting the FSC comprehensive oversight and enforcement powers." [4] / "...the 2023 Virtual Asset User Protection Act (VAUPA), which was set to take effect from July 2024 and made it official to oversee virtual assets and protect the investors." [5]
On Real-Name Accounts: "Under the new rule, users who want to make cryptocurrency transactions must have a bank account under their real name at the same bank with cryptocurrency exchanges." [7] / "The new laws restrict cryptocurrency trading to “real-name bank accounts,” which indicates that a trader (client) must create a real-name account with the same bank as their cryptocurrency dealer in order to deposit or withdraw funds from their e-wallet." [16]
On VASP AML/KYC/Travel Rule: "VASPs should also comply with AML requirements, which include... Conducting Customer Due Diligence (including Simplified Due Diligence and Enhanced Due Diligence, where applicable)... Complying with the Travel Rule." [3] / "They must establish expanded AML/KYC procedures using a risk-based approach, which includes customer due diligence and suspicious transactions reporting. This also requires a technical solution, which permits the exchange of customers' personal data with transaction counterparties (FATF's R.16 “travel rule”)." [11]
On User Asset Protection (Cold Storage): "Third, VASPs are required to store 80% or more of their customers' virtual assets in cold wallets." [9] / "Key measures included requiring exchanges to keep at least 80% of user funds in cold storage, separate from their own reserves." [12]
On User Asset Protection (Insurance/Reserves): "Fourth, the proposal establishes criteria for insurance deductibles or reserves for VASPs to fulfill liability in the event of incidents such as hacking or computer failures. VASPs are required to purchase liability insurance with a compensation limit of at least 5% of customers' virtual assets stored in hot wallets with or set aside the same amount as reserves." [9]
On Prohibiting Unfair Practices: "Regarding the regulation of unfair trade, VASPs are prohibited from: Improper use of undisclosed material information. Manipulating market prices. Fraudulent transaction activities (e.g., false reporting, internal omission)..." [3]
On Institutional Access Shift: "Under current regulations, only retail investors, verified using their government-issued names, are allowed to trade cryptocurrencies. While no explicit ban exists on institutional trading, the FSC has previously advised banks to prevent institutional entities from accessing trading accounts on crypto exchanges." [10] / "Yesterday Korea's Financial Services Commission announced a roadmap to broaden access to cryptocurrencies for corporates, which have not been allowed to trade since 2017... In the second half, 3,500 listed corporates and registered corporations classified as qualified professional investors will be allowed to transact with cryptocurrencies." [2]

4. Source URLs:

[2] Ledger Insights (Feb 14, 2025): https://www.ledgerinsights.com/korea-to-phase-in-crypto-access-for-corporates-pro-investors-but-not-financial-institutions/
[3] Sumsub (Jun 4, 2024): https://sumsub.com/blog/south-korea-crypto-and-travel-rule-regulations/
[4] CCN.com (Nov 7, 2024): https://www.ccn.com/analysis/south-korea-cryptocurrency-regulations-key-laws-taxes-and-compliance/
[5] Coinfomania (Apr 11, 2025): https://coinfomania.com/cryptocurrency-regulations-in-south-korea/
[6] 21 Analytics (2025): https://www.21analytics.io/blog/south-korea-crypto-travel-rule-fsc-requirements
[7] Financial Services Commission (Press Release, Undated but context implies Jan 2018): https://www.fsc.go.kr/eng/pr010101?srno=1220415 (Note: This is an older release establishing the real-name system, still fundamental)
[8] Kobre & Kim (Jan 9, 2025): https://kobrekim.com/news-and-insights/investors-should-be-mindful-of-new-aggressive-south-korean-crypto-regulation-and-enforcement
[9] Financial Services Commission (Press Release, Dec 11, 2023): https://www.fsc.go.kr/eng/pr010101?srno=1397049
[10] The Paypers (Jan 9, 2025): https://thepaypers.com/cryptocurrencies/south-korea-to-ease-restrictions-on-institutional-crypto-trading--1267261
[11] Sumsub (Oct 2021 Update): https://sumsub.com/blog/the-new-crypto-regulations-in-south-korea-how-to-prepare-for-the-changes/
[12] CoinMarketCap (Undated, context suggests late 2024/early 2025): https://coinmarketcap.com/community/articles/67113f7649768e4f897f1682/
[13] Sygna (Mar 5, 2020): https://www.sygna.io/blog/south-koreas-crypto-act-regulates-vasps-per-fatf-travel-rule/
[14] CoinMarketCap (Undated, context suggests Feb 2025): https://coinmarketcap.com/community/articles/65cb4543a8e87b4c1a8d7a7e/
[15] Binance Square (Jan 15, 2025): https://www.binance.com/en/feed/post/20250115-south-korea-to-propose-additional-cryptocurrency-regulation-by-end-of-2025-moon5labs-3664312085813
[16] Sanction Scanner (Sep 17, 2024): https://sanctionscanner.com/blog/new-crypto-regulations-in-south-korea-1446
[17] Decrypt (Jan 8, 2025): https://decrypt.co/212125/south-korea-lift-ban-institutional-crypto-trading-report
[18] Binance Square (Feb 13, 2025): https://www.binance.com/en/square/post/4845458587535
[19] Elliptic (Updated Oct 24, 2024): https://www.elliptic.co/blog/how-crypto-became-an-election-issue-for-south-korea
[20] Investopedia (Oct 20, 2024): https://www.investopedia.com/tech/why-cryptocurrency-so-popular-south-korea/

**Financial Regulatory Analyst Report: South Korea**

**Topic:** Retail_Trading_Status
**Date:** April 12, 2025

**1. Current Status:** `Allowed-Regulated`

**2. Detailed Narrative Explanation:**

Retail trading of cryptocurrencies (virtual assets) by individual citizens and residents is legally permitted in the Republic of Korea (South Korea), but it operates within a highly regulated environment. South Korea has been proactive in establishing a comprehensive legal framework to oversee the virtual asset market, driven by high domestic adoption rates, significant trading volumes (sometimes leading to the "Kimchi Premium"), and concerns over investor protection, market manipulation, and illicit activities following events like the Terra-Luna collapse.

The primary regulatory bodies are the Financial Services Commission (FSC) and its subordinate Financial Intelligence Unit (KoFIU). Key legislation governing the sector includes:

*   **The Act on Reporting and Use of Specific Financial Transaction Information (Specific Financial Information Act):** Amended significantly in March 2020 and effective from March 2021, this act brought Virtual Asset Service Providers (VASPs) – such as exchanges, wallet providers, and custodians – under stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) obligations [3, 11, 13]. It mandates VASP registration with the KoFIU, requires partnerships with domestic banks to implement mandatory real-name verified accounts for all users, imposes Know Your Customer (KYC) procedures, and necessitates compliance with the Financial Action Task Force (FATF) Travel Rule [6, 7, 16]. Failure to comply, particularly regarding real-name accounts, can lead to severe penalties, including imprisonment and fines [6, 16]. Foreign VASPs targeting Korean customers must also register and comply [4].
*   **The Virtual Asset User Protection Act (VAUPA):** Passed in June 2023 and effective from July 19, 2024, this act represents the first phase of dedicated crypto legislation in South Korea [4, 5, 8]. It focuses explicitly on protecting users and ensuring market integrity. Key provisions include [3, 9]:
    *   **User Asset Protection:** Mandating VASPs to segregate user assets from their own, keep detailed records, store at least 80% of user virtual assets in cold wallets (offline storage), and maintain insurance or reserves to cover potential losses from hacking or system failures.
    *   **Unfair Trading Practices:** Prohibiting market manipulation, use of undisclosed material information (insider trading), and other fraudulent activities, with significant penalties including imprisonment and fines based on illicit profits.
    *   **FSC Oversight:** Granting the FSC authority to supervise, inspect, and sanction VASPs.

The real-name account system is a cornerstone of South Korean crypto regulation. Users can only deposit Korean Won (KRW) into and withdraw KRW from a VASP if they have a verified real-name bank account at the *same* bank that the VASP partners with [7, 16]. This significantly enhances transparency and aids AML efforts but also concentrates market power among the few exchanges (like Upbit and Bithumb) that have secured these crucial banking partnerships [2, 4].

While retail trading is well-established within this regulated framework, institutional trading by corporations was historically restricted due to FSC guidance discouraging banks from providing services [10, 15]. However, policy is shifting. Since 2024/2025, the FSC has announced plans to gradually permit corporate and institutional access, starting with non-profits, universities, and certain qualified professional investors, though financial institutions remain excluded for now due to contagion concerns [2, 10, 14, 18].

Other relevant points include:
*   Initial Coin Offerings (ICOs) remain banned since 2017, though this may be revisited [5, 19].
*   Taxation on crypto gains (originally planned for 2023, then 2025) has been further postponed, potentially until 2028 [4, 5].
*   The FSC is working on a second phase of crypto legislation, expected by mid-to-late 2025, likely covering stablecoins, token listing standards, and further VASP operational rules [10, 12, 15].

In summary, South Korean individuals can actively trade cryptocurrencies, but only through registered VASPs complying with strict regulations centered on real-name verification, AML/CFT, user asset protection, and market conduct rules enforced by the FSC and KoFIU.

**3. Specific, Relevant Text Excerpts:**

*   **On Legality for Individuals:** "South Koreans can own cryptocurrencies and trade on licensed exchanges. They are not considered legal tender or financial assets in their own right." [19] / "Is Crypto Trading Legal in South Korea? Yes. Cryptocurrency, while not considered money in South Korea, can be traded as an asset on exchanges." [20]
*   **On Key Legislation (Specific Financial Information Act):** "Virtual Asset Service Providers (VASPs), have been regulated under the Act on Reporting and Using Specified Financial Transaction Information in South Korea since March 2021." [3] / "Korea's amended Act on Reporting and Use of Specific Financial Transactions now requires domestic cryptocurrency exchanges, known as virtual asset service providers (VASPs), to register an authorized real-name bank account and report it to their domestic financial intelligence unit (FIU)..." [13]
*   **On Key Legislation (VAUPA):** "The VAUPA came into effect on July 19, 2024. This law focuses on safeguarding the assets of virtual asset users, preventing unfair practices in the virtual asset market, and granting the FSC comprehensive oversight and enforcement powers." [4] / "...the 2023 Virtual Asset User Protection Act (VAUPA), which was set to take effect from July 2024 and made it official to oversee virtual assets and protect the investors." [5]
*   **On Real-Name Accounts:** "Under the new rule, users who want to make cryptocurrency transactions must have a bank account under their real name at the same bank with cryptocurrency exchanges." [7] / "The new laws restrict cryptocurrency trading to “real-name bank accounts,” which indicates that a trader (client) must create a real-name account with the same bank as their cryptocurrency dealer in order to deposit or withdraw funds from their e-wallet." [16]
*   **On VASP AML/KYC/Travel Rule:** "VASPs should also comply with AML requirements, which include... Conducting Customer Due Diligence (including Simplified Due Diligence and Enhanced Due Diligence, where applicable)... Complying with the Travel Rule." [3] / "They must establish expanded AML/KYC procedures using a risk-based approach, which includes customer due diligence and suspicious transactions reporting. This also requires a technical solution, which permits the exchange of customers' personal data with transaction counterparties (FATF's R.16 “travel rule”)." [11]
*   **On User Asset Protection (Cold Storage):** "Third, VASPs are required to store 80% or more of their customers' virtual assets in cold wallets." [9] / "Key measures included requiring exchanges to keep at least 80% of user funds in cold storage, separate from their own reserves." [12]
*   **On User Asset Protection (Insurance/Reserves):** "Fourth, the proposal establishes criteria for insurance deductibles or reserves for VASPs to fulfill liability in the event of incidents such as hacking or computer failures. VASPs are required to purchase liability insurance with a compensation limit of at least 5% of customers' virtual assets stored in hot wallets with or set aside the same amount as reserves." [9]
*   **On Prohibiting Unfair Practices:** "Regarding the regulation of unfair trade, VASPs are prohibited from: Improper use of undisclosed material information. Manipulating market prices. Fraudulent transaction activities (e.g., false reporting, internal omission)..." [3]
*   **On Institutional Access Shift:** "Under current regulations, only retail investors, verified using their government-issued names, are allowed to trade cryptocurrencies. While no explicit ban exists on institutional trading, the FSC has previously advised banks to prevent institutional entities from accessing trading accounts on crypto exchanges." [10] / "Yesterday Korea's Financial Services Commission announced a roadmap to broaden access to cryptocurrencies for corporates, which have not been allowed to trade since 2017... In the second half, 3,500 listed corporates and registered corporations classified as qualified professional investors will be allowed to transact with cryptocurrencies." [2]

**4. Source URLs:**

*   [2] Ledger Insights (Feb 14, 2025): `https://www.ledgerinsights.com/korea-to-phase-in-crypto-access-for-corporates-pro-investors-but-not-financial-institutions/`
*   [3] Sumsub (Jun 4, 2024): `https://sumsub.com/blog/south-korea-crypto-and-travel-rule-regulations/`
*   [4] CCN.com (Nov 7, 2024): `https://www.ccn.com/analysis/south-korea-cryptocurrency-regulations-key-laws-taxes-and-compliance/`
*   [5] Coinfomania (Apr 11, 2025): `https://coinfomania.com/cryptocurrency-regulations-in-south-korea/`
*   [6] 21 Analytics (2025): `https://www.21analytics.io/blog/south-korea-crypto-travel-rule-fsc-requirements`
*   [7] Financial Services Commission (Press Release, Undated but context implies Jan 2018): `https://www.fsc.go.kr/eng/pr010101?srno=1220415` (Note: This is an older release establishing the real-name system, still fundamental)
*   [8] Kobre & Kim (Jan 9, 2025): `https://kobrekim.com/news-and-insights/investors-should-be-mindful-of-new-aggressive-south-korean-crypto-regulation-and-enforcement`
*   [9] Financial Services Commission (Press Release, Dec 11, 2023): `https://www.fsc.go.kr/eng/pr010101?srno=1397049`
*   [10] The Paypers (Jan 9, 2025): `https://thepaypers.com/cryptocurrencies/south-korea-to-ease-restrictions-on-institutional-crypto-trading--1267261`
*   [11] Sumsub (Oct 2021 Update): `https://sumsub.com/blog/the-new-crypto-regulations-in-south-korea-how-to-prepare-for-the-changes/`
*   [12] CoinMarketCap (Undated, context suggests late 2024/early 2025): `https://coinmarketcap.com/community/articles/67113f7649768e4f897f1682/`
*   [13] Sygna (Mar 5, 2020): `https://www.sygna.io/blog/south-koreas-crypto-act-regulates-vasps-per-fatf-travel-rule/`
*   [14] CoinMarketCap (Undated, context suggests Feb 2025): `https://coinmarketcap.com/community/articles/65cb4543a8e87b4c1a8d7a7e/`
*   [15] Binance Square (Jan 15, 2025): `https://www.binance.com/en/feed/post/20250115-south-korea-to-propose-additional-cryptocurrency-regulation-by-end-of-2025-moon5labs-3664312085813`
*   [16] Sanction Scanner (Sep 17, 2024): `https://sanctionscanner.com/blog/new-crypto-regulations-in-south-korea-1446`
*   [17] Decrypt (Jan 8, 2025): `https://decrypt.co/212125/south-korea-lift-ban-institutional-crypto-trading-report`
*   [18] Binance Square (Feb 13, 2025): `https://www.binance.com/en/square/post/4845458587535`
*   [19] Elliptic (Updated Oct 24, 2024): `https://www.elliptic.co/blog/how-crypto-became-an-election-issue-for-south-korea`
*   [20] Investopedia (Oct 20, 2024): `https://www.investopedia.com/tech/why-cryptocurrency-so-popular-south-korea/`

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