Is it legal to send in/out cryptos to South Korea?

[kevinthemadlad]

Mainly for the purpose of remitting money out of Korea I am very interested in buying BTC, send out, sell and get USD.

[1715333768]

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[1715333768]

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[figmentofmyass]

Mainly for the purpose of remitting money out of Korea I am very interested in buying BTC, send out, sell and get USD.

how do you plan to get USD back in your offshore bank account?

bithumb might allow foreigners, but they only transact in KRW. you need a korean bank account, which must be done in person, and you must obtain an alien registration card. your bank will require you file forms designating them as the sole bank you will be remitting from. (i wouldn't want to be caught remitting from more than one bank---just seems risky to me.) they will restrict you to 50k USD in remittances per year. notably, korean banks are known for blocking account access from outside of the country to foreigners.

upbit doesn't allow foreigners on the exchange at all, others too. and all korean exchanges verify identity now by law. doesn't seem too promising to me.

[kevinthemadlad]

Mainly for the purpose of remitting money out of Korea I am very interested in buying BTC, send out, sell and get USD.

how do you plan to get USD back in your offshore bank account?

bithumb might allow foreigners, but they only transact in KRW. you need a korean bank account, which must be done in person, and you must obtain an alien registration card. your bank will require you file forms designating them as the sole bank you will be remitting from. (i wouldn't want to be caught remitting from more than one bank---just seems risky to me.) they will restrict you to 50k USD in remittances per year. notably, korean banks are known for blocking account access from outside of the country to foreigners.

upbit doesn't allow foreigners on the exchange at all, others too. and all korean exchanges verify identity now by law. doesn't seem too promising to me.

I think you are trying to read in to what I did not intend to say. I just want to know if there are any explicit regulations around sending cryptos out of the country.

[aplistir]

I think you are trying to read in to what I did not intend to say. I just want to know if there are any explicit regulations around sending cryptos out of the country.

You cannot send bitcoins "out of the country", because bitcoins do not exist in any country, as I am sure you already know very well.
They are just numbers in a ledger that is distributed all over the world.

In my opinion it cant be illegal. However your country might think otherwise. Possible problems could arise when you register to some exchange abroad and sell your coins. Localbitcoins would be safer in selling the coins, because that can be done more anonymously.

[dothebeats]

You mean you want to buy bitcoins with KRW, send the bitcoins somewhere else and sell bitcoins for USD? There isn't any regulations/restrictions of sending cryptocurrencies in South Korea AFAIK, though before buying you need to procure legal documents and get KYC'd on exchanges in there for you to not have any problems. Selling would be easy as long as you have the credentials and verified on an exchange, or you can go through LBC (Localbitcoins) and see any available offers out there.

I got this feeling that this might turn out to be illegal but nah, who am I to judge? /s

[BitMaxz]

Mainly for the purpose of remitting money out of Korea I am very interested in buying BTC, send out, sell and get USD.

If you are planning to use the bitcoin as a remittance you can use it but only in Asian countries because I heard that they are banning all US exchange sites.

However, you can still use it without any problem just make sure do it anonymously and use VPN to bypass or deal anonymously from South Korea to the US country.

Read the quoted below.

The US, Japan, & South Korea form the majority of trading volume for Bitcoins and other cryptocurrencies. However, in the recent months, the regulatory stand of South Korea has been confusing. The cryptocurrencies aren’t banned yet, but they are heavily taxed and the government is particularly against anonymous cryptocurrency accounts trading cryptocurrencies.

This has called for stricter KYC and AML laws but ICOs were straight away banned last year which might change very soon this year.

Source: Legal Status of Bitcoin & Other Cryptocurrencies in Top 10 Countries

It means that bitcoin is not totally banned except for ICO's and you can send out your bitcoin to other countries.

[pooya87]

whenever you want to know about legality of bitcoin in a country (true for most of them) you can search online and visit sites that the other poster posted above but know that these sources are not reliable most of the times since they get their information from the news sites and news sites sometimes get the news out of their asses.
if you don't want to encounter any sort of problems then consult a law expert in your country instead.