Is Monero legal in South Korea?

The legal situation in South Korea

Under the amended Special Financial Transactions Act, in force from 25 March 2021, Korean VASPs may not handle 'dark coins' such as XMR, ZEC and DASH. Major exchanges delisted XMR earlier: Upbit and OKEx Korea in 2019, and Huobi Korea and Bithumb in 2020. The law targets service providers; it does not criminalise private holding.

Key facts

• 2019-09-30: Upbit delisted XMR and other privacy coins, citing AML concerns.
• 2020-06-01: Bithumb permanently delisted XMR, citing its link to the 'Nth room' case.
• 2020-11-03: FSC announced the dark-coin ban for VASPs.
• 2021-03-25: The amended Special Financial Transactions Act took effect; under the FSC's rules, VASPs may not handle privacy ('dark') coins.
• Tax: A 22% tax on crypto gains above KRW 2.5 million has been postponed to January 2027; individual gains are untaxed until then.

What this means for you

Owning Monero in your own wallet is legal, but regulated exchanges here do not list it or are being pushed to drop it. If you hold XMR on an exchange, read what to do when an exchange delists Monero and move it to a wallet you control. Only use buying routes that are legal where you live; see how to buy Monero.

Sources

cointelegraph.com, crowdfundinsider.com, scorechain.com, spark.money.

Sources are listed by publisher so you can look them up yourself; we do not link out.

General information, not legal or tax advice. Check the regulator's own website before acting.

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