Jul 18, 2025
| Updated Jul 18, 2025
KEY TAKEAWAYS:— Crypto is a massive industry in South Korea with one in five citizens registered on an exchange.
— The South Korean government is still working on its tax regime for crypto profits.
— South Korea is currently considering legislation to enable a stablecoin pegged to the Korean won (KRW).
South Korea is at the vanguard of blockchain adoption with 27% of South Koreans aged 20–50 holding crypto. According to a financial survey published in June, 70% of South Koreans are interested in expanding their crypto portfolio this year.
The total value of crypto held on the country’s five largest exchanges – Upbit, Coinone, Bithumb, Korbit, and GOPAX – surpasses 100 trillion Won (~$73 billion) emphasizing the importance of digital assets in South Korean finance and culture.
If you’re wondering how to buy crypto in South Korea, or the state of digital assets in Korea, this guide presents all the information you need. We cover how to buy Bitcoin in South Korea, how to safely store your crypto, and what the tax implications of holding digital assets in South Korea currently are.
How to Buy Crypto and Bitcoin in South Korea
If you’re looking to buy crypto in Korea, read on. We’ll also take a closer look at the best app to buy Bitcoin in Korea in 2025.
Buy Crypto in South Korea: Step-by-Step Guide
Seeking to buy cryptocurrency with the South Korean Won (KRW)? This next part will be of keen interest.
Step 1: Choose a Crypto Exchange
One of the most common ways to buy Bitcoin with KRW is by signing up to a centralized exchange (CEX).
South Korea is well-served by a number of exchanges including Coinone, Upbit and Bithumb. In South Korea, crypto exchanges are required by law to partner with local banks to provide real-name, verified bank accounts for their users. This system is part of Korea’s anti-money laundering (AML) and Know Your Customer (KYC) regulations, enforced by the Financial Services Commission (FSC).
These bank partnerships are crucial for allowing users to deposit and withdraw Korean won (KRW) from crypto exchanges.
Upbit is partnered with K-Bank. Coinone, previously partnered with NH Bank, has been working with Kakao Bank since November 2022. Bithumb was partnered with NH Bank until March 2025, and transitioned to KB Kookmin Bank starting March 24, 2025.
Step 2: Register and Complete the KYC Process
Cryptocurrency is regulated in South Korea so the signup process for every exchange requires mandatory identity checks as well as basic personal information including full name, date of birth, place of residence, phone number and national identity number.
A scan of your personal identity documentation such as your passport, national ID card or driver’s license is another necessity. Some exchanges also require proof of address with a utility bill or bank statement.
Many exchanges incorporate liveness checks with a selfie or video verification system as part of the sign-up process.
In compliance with the real-name account system, your crypto account must be linked to a verified bank account with the same name, from a bank partnered with your chosen exchange (e.g. K-Bank for Upbit, Kakao Bank for Coinone, KB Kookmin Bank for Bithumb).
Liveness checks—like a selfie or video verification—are common and help prevent identity fraud. Most top-tier Korean exchanges integrate biometric verification using local identity solutions.
Once your identity is verified and matched with your bank account, you’ll be able to deposit Korean won (KRW) and start trading. The verification process usually completes within a few minutes, but during peak hours or additional checks, it might take up to a day or two.
Step 3: Deposit Funds
South Korean crypto users must link their personal bank account to an exchange to deposit (or withdraw) South Korean Won (KRW).
Exchange – Bank
Korbit – Shinhan
Upbit – K-Bank
Bithumb – Kookmin Bank
Coinone – Kakao Bank
At your chosen exchange the deposit section will be clearly marked, under Cash, Wallet or Deposit. Select KRW as the currency you wish to deposit. The exchange should then furnish you with the account details and instructions for payment. Follow these to the letter.
You can use your banking app or online banking to send funds to your exchange. Alternatively you may also be able to make payment in your local bank branch. Once completed your CEX account should be credited in around 30 minutes.
Step 4: Choose the Crypto You Want to Buy
Crypto is full of people who evangelize for their favorite currency, but take the time to Do Your Own Research (DYOR) before purchase. Some popular options on the market are Bitcoin (BTC), Solana (SOL) and Ethereum (ETH).
Securely Store Your Crypto and Bitcoin in South Korea
While beginners and some intermediary users often leave their assets on the exchange they purchased them, this is not best practice.
Why is it Important to Self-Custody Your Crypto Assets
In crypto we live and die by the adage ‘not your keys, not your coins.’ On a centralized exchange the private keys to your crypto wallet are held by the exchange on your behalf. This is fine until something goes wrong, and then it’s not.
In 2017 South Korean exchange Youbit was hacked and lost 17% of its assets. Bankruptcy swiftly followed. In the immediate aftermath Youbit customers lost access to their funds. When Youbit resumed withdrawals, customers could only recover 75% of their total balance. This is why we say, not your keys, not your coins.
In June 2018 Coinrail lost cryptocurrencies to the value of $37M in one of the biggest hacks in crypto history. Nor was it the last time a South Korean exchange was compromised. In June 2018 Bithumb lost a similar amount of money, while in November 2019 it was Upbit’s turn.
As recently as April 2023 GDAC lost $13 million in another example.
These are just a few instances of South Korean exchanges which have been compromised, but crypto is a global industry and there are many more instances of cybercrime and criminality we could cite. In many cases customers were never able to recover those funds.
Securely Store Your Digital Assets in an Offline Environment
It is far preferable to store your cryptocurrency with a self-custodial wallet. There are two main kinds of self-custody wallet: software and hardware.
Software apps come in the form of browser extensions or apps, and while they are vastly preferable to leaving assets on an exchange, they are prone to attack vectors such as malware which hardware wallets such as the Ledger Stax or Ledger Flex are not.
Worse still, hackers are becoming increasingly sophisticated in their methods. There are now malware risks online that can download themselves to your system without even clicking on them. These “zero click” malwares mean holding your private keys on a software wallet, where your private keys are held online, is increasingly risky.
Unlike software wallets, the Ledger Stax and Ledger Flex store your private keys offline on a dedicated hardware device eliminating this potential threat for ultimate peace of mind.
Moreover, Ledger devices use clear signing technology so you always know what approvals you’re granting and where you’re sending your funds. Sadly, this high standard of transparency is not matched across the rest of the industry.
Earlier this year the Bybit exchange was exploited by a blind-signing exploit and lost $1.4B.
Alternative Way to Buy Crypto in South Korea with Direct Self-Custody
Ledger is so much more than asset storage. You can also buy, sell, swap, stake, and manage your crypto with Ledger Live.
Step 1: Set Up Your Ledger Self-Custodian Wallet
First you will need to purchase your Ledger Stax or Ledger Flex. Click on one of the links then Add to Cart and Checkout.
Next, install the Ledger Live app supported on Windows, Mac, Linux, Apple or Android.
Connect your Ledger device to your laptop or desktop. Click Get Started and then Initialize As New Device. Set a PIN and record your 24 word recovery phrase. Store your 24 word recovery phrase somewhere safe and offline. Never store your recovery phrase on your laptop or mobile device.
It is possible to import a 24 word recovery phrase from a software wallet to your Ledger device, but this degrades the security of your hardware wallet since your software wallet keys have already been exposed online.
For best practice create a new wallet for your Ledger device and transfer your assets from your software wallet to your new hardware wallet.
Step 2: Install Apps and Create Accounts
The next step is to create your accounts. For each cryptocurrency you hold you will need an account and an accompanying wallet.
So if you’re using Ledger to store the private keys for Bitcoin, install the Bitcoin app. For Ethereum or ERC20 token install the Ethereum app and so on.
Step 3: Buy Crypto via Ledger Live Providers
Ledger partners with a number of third-party providers who enable the purchase of cryptocurrencies with the Korean won.
First, go to the Buy/Sell page. Then click on Find the Right Provider For You. From the list of available cryptocurrencies choose the coin you wish to purchase. Confirm the amount you wish to purchase and select South Korea.
Select a payment method and click Find Eligible Providers. Shop around to find the best provider for you, and then complete the purchase.
Can Foreigners Buy Crypto in Korea?
Regulations in South Korea make purchasing cryptocurrency complex if you’re not a native. If you want to understand how to buy Bitcoin in South Korea as a foreigner, we’ll cover the issue in some detail here.
As we’ve already stated, each cryptocurrency exchange in South Korea is tied to a single South Korean bank. You’ll need a bank account partnered with the specific exchange you wish to use.
Opening a bank account in South Korea is no simple matter. You’ll need to be a permanent resident of South Korea or have a long term visa. You also need a Korean mobile number and an alien registration card.
Alternatively you could sign up for an international exchange outside of South Korea, but you’re likely to need an international bank as well to deposit and withdraw money. Don’t expect your international exchange to integrate with KRW or a Korean credit card.
Top Crypto Exchanges & Apps in South Korea for 2025
Here we discover the best crypto purchasing options in South Korea.
Ledger Live
No of currencies: 15,000+
KYC required: Ledger Live can be used without KYC, but service providers may require KYC information.
Trading Fees: Ledger Live is free, but network fees will still apply
Deposit Fees: No
Withdrawal Fees: No
Pros: Ledger Live is your one stop shop for purchasing cryptocurrency, allowing you to buy, trade and hold your coins safely and securely.
There are also numerous centralized exchanges to choose from, with between 200-400 cryptocurrencies you can trade on each. It is usually free to deposit and withdraw funds, and trading fees vary from 0.2-0.8%. Remember however, that each South Korean exchange is typically paired with only one South Korean bank.
Is Crypto Legal in South Korea?
Crypto is legal in South Korea, and the country is currently exploring legislation to allow the issuance of stablecoins pegged to the Korean won.
Is Crypto Mining Legal in South Korea?
Crypto mining is legal in South Korea although less profitable than in some other South-East Asian countries due to comparatively high electricity costs.
How to Mine Bitcoin in South Korea?
In this section Ledger Academy lifts the lid on Bitcoin mining in South Korea.
Step 1: Choosing the Right Hardware
Due to the relatively high cost of energy in South Korea, it is more difficult to mine profitably than in many neighbouring countries.
To mine profitably you must weigh any potential benefits against the energy costs and initially outlay of the machine you will use.
Some types of mining can be performed with a basic CPU or GPU, but Bitcoin mining requires a dedicated hardware device known as an ASIC. ASIC miners also tend to be quite energy hungry.
Step 2: Installing and Configuring Mining Software
If you decide to proceed with crypto mining you’ll need to download the proper software. Be extra careful to ensure the download is from a legitimate source. Downloading the wrong software could result in malware and lost funds.
Step 3: Joining a Mining Pool
Mining on your own can be an isolating experience with little chance of success, so many miners choose to collaborate in what is known as a mining pool.
For Bitcoin mining there is F2Pool, ViaBTC and Antpool among others. In a mining pool the rewards are shared among all the members of the pool based on their contribution to its overall mining power.
Step 4: Setting Up a Bitcoin Wallet
While setting up your Bitcoin mining software, you’ll also need to assign a Bitcoin wallet to collect your rewards. For best security, assign a wallet you set up using Ledger Live.
As an alternative to mining in person, users might also wish to consider Cloud Mining which we discuss in detail here.
Crypto Tax in South Korea
Let’s look at the tax implications of buying and selling cryptocurrency in South Korea.
Is Crypto Taxed in South Korea?
Cryptocurrencies are set to be taxed under capital gains tax but the rules are not expected to be implemented until 2027 at the earliest.
What is the Crypto Tax Rate in South Korea?
The proposed tax rate for crypto profits in South Korea is 20%, but only on annual gains exceeding 2.5 million KRW.
When Does the Crypto Tax Rate Apply in South Korea?
It does not yet apply. Any tax on crypto profits will not apply until at least 2027, but further delays could yet occur.
How to Calculate Tax on Crypto in South Korea?
At the moment there is no need to calculate tax on crypto in South Korea as no law is in effect.
Won-Pegged Stablecoins in South Korea
The South Korean banking sector is currently examining options for a stablecoin pegged to the South Korean Won (KRW). In June 2025 the South Korean government passed the Digital Asset Basic Act, enabling KRW stablecoin issuance.
The plan is to keep South Korea at the forefront of the crypto asset space, by competing with existing digital assets including US-dollar pegged stablecoins.
The eight banks spearheading the operation are KB Kookmin, Shinhan, Woori, Nonghyup, Corporate, Suhyup, Citi Korea and SC First Bank.
The exact implementation date is not yet known, but the current timetable projects are postponed until early 2027.
How to Buy NFT in South Korea?
Non-fungible tokens (NFTs) have enjoyed popularity in South Korea with NFT collections such as CryptoPunks and BAYC among the artworks favored by South Korean citizens.
Step 1: Set Up a Crypto Wallet
South Korean users will first need to set up an appropriate crypto wallet to begin collecting NFTs. The best practice would be to use the crypto wallet you set up for your Ledger device with Ledger Live.
Step 2: Buy Cryptocurrency
Buy a cryptocurrency appropriate for the NFT you wish to purchase. Most NFT marketplaces are compatible with dozens of cryptocurrencies.
Step 3: Choose an NFT Marketplace
There are many marketplaces to choose from. Among the options are OpenSea, Rarible, SuperRare and Blur.
Step 4: Browse and Select an NFT
For anyone with an artistic eye, browsing for NFTs can be a very enjoyable experience. For the most part NFT galleries are the same as art galleries in real life, full of interesting and engaging works of art. Simply enjoy looking around.
Step 5: Buy or Make an Offer
Once you’ve found the work you intend to buy you’ll need to make a purchase. Click on an art piece; if it’s for sale you can buy it. If it is already owned by another user you may still be able to make an offer.
Conclusion
Having read this guide you should now be well armed with all the necessary knowledge to begin buying, selling, holding and otherwise trading cryptocurrency in South Korea, and for now, you can continue to do so without paying taxes on your profits. But remember to store those profits in a safe place. For best practice we recommend storing your crypto on a Ledger Stax or Ledger Flex.
Frequently Asked Questions about Crypto in South Korea
Is Bitcoin Legal in South Korea?
Bitcoin is legal in South Korea so be prepared to start stacking sats.
Do You Pay Tax on Crypto in South Korea?
At present you do not need to pay taxes on crypto profits in South Korea, but this is subject to change as the South Korean government seeks to implement
Can You Mine Cryptocurrency in South Korea?
You can mine cryptocurrency legally in South Korea.
What is the Best Cryptocurrency to Invest in South Korea?
The best is subjective. Bitcoin (BTC), Solana (SOL) and Ethereum (ETH) are among the popular choices.