A Quick Guide to Cryptocurrency-related Regulators and Companies in Korea

Global Coin Research Team

December 04, 2018

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Overview

South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades back in July 2017, causing significant growth in the demand for cryptocurrency trading in the country. By mid-2017, the local exchange market already processed over 14 percent of global Bitcoin trades, being the third largest market behind the U.S. and Japan. In December 2017, the government notoriously banned anonymous trading on local exchanges. In January 22 this year, the South Korean government also announced a substantial tax levied on local crypto exchanges.

Important Regulators to Know

Important Regulators to Know	Quick Description
Financial Services Commission (FSC)	South Korean government’s top financial regulator
Financial Supervisory Service	South Korea’s integrated financial regulator that examines and supervises financial institutions under the broad oversight of the Financial Services Commission
South Korea’s Ministry of Science and ICT	Korea’s ministry that sets, manages, and evaluates science and technology policy, support scientific research and development,
Financial Innovation Bureau	FSC’s department dedicated to cryptocurrency and blockchain
Korea Internet & Security Agency	Korea’s internet content watchdog
Blockchain Industry Association	an industry body tasked with implementing self-regulatory measures for the Korean crypto market,