Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
Sign in to watch these jurisdictions for changes.
| Dimension |
Pinned 🇻🇬 British Virgin Islands (BVI) partly open Verified 2026-08-15
|
🇰🇷 South Korea
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | VASP registration under the Virtual Assets Service Providers Act, 2022 (in force 1 February 2023). Three categories: (1) General VASP registration (e.g. transfer/brokerage/advisory services not falling into the other two categories), (2) Virtual Assets Custody Service registration, (3) Virtual Assets Exchange registration. Entities can hold multiple categories if they pay the applicable fee for each. ICO/ITO token issuance alone does not require registration if no other regulated virtual asset service is provided (per FSC Circular 43/2025 FAQ). | VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. |
| Regulator | British Virgin Islands Financial Services Commission (BVI FSC) | Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. |
| Capital requirement | British Virgin Islands (BVI) capital requirement is included in the £349 pass. | South Korea capital requirement is included in the £349 pass. |
| Timeline to authorisation | British Virgin Islands (BVI) timeline to authorisation is included in the £349 pass. | South Korea timeline to authorisation is included in the £349 pass. |
| Local substance | British Virgin Islands (BVI) local substance is included in the £349 pass. | South Korea local substance is included in the £349 pass. |
| Application cost | British Virgin Islands (BVI) application cost is included in the £349 pass. | South Korea application cost is included in the £349 pass. |
| Ongoing cost | British Virgin Islands (BVI) ongoing cost is included in the £349 pass. | South Korea ongoing cost is included in the £349 pass. |
| Passporting | British Virgin Islands (BVI) passporting is included in the £349 pass. | South Korea passporting is included in the £349 pass. |
| MiCA CASPs approved | British Virgin Islands (BVI) mica casps approved is included in the £349 pass. | South Korea mica casps approved is included in the £349 pass. |
| Key restrictions | British Virgin Islands (BVI) key restrictions is included in the £349 pass. | South Korea key restrictions is included in the £349 pass. |
| Recent changes | November 2025: FSC issued Industry Circular 43 of 2025, publishing a comprehensive 'Understanding Virtual Assets and VASP Regulation' FAQ document clarifying scope (e.g., confirming pure ICO/ITO token issuance without other regulated activity does not require VASP registration). March 2025: BVI launched the Virtual Asset Service Providers Advisory Committee (VASPAC), a public-private body to enhance regulation/supervision of the sector, first meeting 27 March 2025. The FSC's Compliance Inspection Unit began a major round of onsite VASP/TCSP/Investment Business inspections in 2025 running through Q1 2026, focused on AML/CFT/CPF controls, internal audit, and staff training. | The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious. |
| Difficulty rating | British Virgin Islands (BVI) difficulty rating is included in the £349 pass. | South Korea difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
One-question research
Did this page help you reach the next useful outcome?
No email is collected. An optional short note helps us understand what is missing.