* holds BTC on its own balance sheet, advises Korean and global corporates on treasury allocation, and offers professional custody/management services.
I weave regulatory, tax, accounting, operational and go‑to‑market guidance into one road‑map so you can see the whole chessboard before you make your first move. Strap in—this is going to be fun!
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1 Choose (and register) the right legal shell
Structure Typical use‑case Key points for a Bitcoin‑treasury business
주식회사 (stock company) Most tech / fin‑serv start‑ups Easiest to raise later VC or list; flexible governance; minimum 1 founder & ₩100 m (~US $73 k) paid‑in capital recommended for foreign‑investor D‑8 visa
유한책임회사 (LLC‑style) Boutique advisory Simpler filings, but harder to attract institutional equity
Foreign‑invested company (FIC) HQ abroad, Korean branch Lets you upstream dividends in BTC or KRW, but must report F/X flows to the Bank of Korea
Incorporation checklist (7–10 working days): name search ▶ draft & notarise articles ▶ open temporary bank account ▶ inject capital ▶ court registration ▶ tax registration ▶ secure corporate seal ▶ convert bank account to fully‑operational status.
🔑 Tip: If at least one foreign co‑founder wants to live in Seoul, start the D‑8 “investor” visa process in parallel; immigration officers require proof of the paid‑in capital and the company registry.
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2 Clear the Virtual‑Asset Service Provider (VASP) bar
Under the Act on Reporting and Use of Certain Financial Transaction Information (FTR Act) plus the 2024 Virtual Asset User Protection Act (VAUPA), anything that stores, manages, exchanges or transfers crypto for someone else is a VASP and must:
Requirement Deadline / Threshold Where to file / obtain
KoFIU registration & ongoing AML/CFT compliance Before launch Korea Financial Intelligence Unit
Information‑Security Management System (ISMS) certificate Prior to KoFIU filing Korea Internet & Security Agency. Must store ≥ 80 % of client coins in cold wallets.
Real‑name bank accounts for KRW settlement Continuous Strike partnership with a local bank; banks must document their own AML risk‑assessment process.
Travel Rule solution (send/receive originator & beneficiary data for transfers ≥ ₩1 m) Since 25 Mar 2022 Any FATF‑compliant protocol (e.g., VerifyVASP, TRP, Sygna)
Minimum reserve / insurance ₩3 bn if you also run a KRW exchange; ₩0.5 bn for pure custody/treasury Per FSC guidelines
Market‑manipulation monitoring & unfair‑trade controls In force July 2024 VAUPA Articles 12–19
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3 Design a bullet‑proof Bitcoin custody stack
1. Cold‑warm‑hot architecture
• 80–90 % in geographically‑dispersed air‑gapped cold vaults (HSM or multisig hardware).
• < 20 % in warm wallets for client withdrawals & internal treasury needs.
2. Multisig policy (e.g., 3‑of‑5) with independent key shards held by: internal CFO team, external qualified custodian, board‑designated trustee, disaster‑recovery escrow, and insurance underwriter.
3. SOC 2 Type 2 or ISO 27001 controls layered on top of Korea‑mandated ISMS.
4. Optional: connect to an institutional platform such as Fireblocks, BitGo, or KODA (one of the first Korean custodians registered with KoFIU) .
5. Crime‑and‑loss insurance (Lloyd’s, Munich Re) sized to ≥ client assets under custody + corporate BTC stash.
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4 Put Bitcoin on your own balance‑sheet—accounting & tax
Topic Korean treatment today
Accounting standard Bitcoin = intangible asset under K‑IFRS (mirrors IFRS). Carry at cost; impair down when fair value < book; reversal not allowed. IFRS 18’s enhanced disclosures are expected to highlight recurring impairment impacts.
Audit External auditors need daily or weekly fair‑value roll‑forward schedules + private‑key proof‑of‑ownership; plan for Mark‑to‑Market memo each quarter.
Corporate tax Realised gains on sale = ordinary income (24.2 % incl. local surtax). Unrealised gains are not taxed. Trading BTC itself is VAT‑exempt.
Foreign‑exchange reporting If you move BTC to a foreign wallet you control, file a cross‑border virtual‑asset transfer report under the Foreign Exchange Transaction Act once annual transfers exceed US $50 k.
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5 Craft a client‑facing treasury‑advisory playbook
1. Segmentation
• KOSDAQ & mid‑cap chaebol—hedge KRW inflation risk, diversify treasury.
• Global web‑3 projects—need a Korea‑licensed sub‑custodian and Travel‑Rule bridge.
• SMEs & start‑ups—education + partial BTC allocation model.
2. Service modules
• Policy design (board‑level investment policy, risk limits, re‑balancing cadence).
• Execution & hedging (multi‑venue best‑price engine, CME futures overlay).
• Custody & reporting (ISMS wallet, T+0 settlement statements, audit letters).
3. Pricing: retainer + bps on AUC + performance kicker for FX/BTC alpha.
⚡️ Marketing hack: Many Korean CFOs still equate “crypto” with retail speculation—position yourself as “digital gold working capital management” and emphasise KoFIU registration plus insurance to earn trust.
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6 Timeline—From zero to launch in ≈ 6 months
gantt
title Bitcoin Treasury Co. – Launch Road‑map
dateFormat YYYY-MM
section Entity set‑up
Incorporate & capital injection :done, 2025-07, 0.5m
D‑8 visa (optional) :active, 2025-07, 1m
section Regulatory
ISMS gap‑analysis :active, 2025-07, 2m
Build Travel‑Rule integration : 2025-08, 1m
KoFIU filing & bank agreement : 2025-09, 1m
FSC approval window : 2025-10, 1m
section Tech / Ops
Custody build & key ceremony : 2025-08, 2m
Insurance underwriting : 2025-10, 0.5m
section Go‑to‑market
Pilot corporate treasury mandate : 2025-10, 1m
Public launch & PR : 2025-11, 0.5m
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7 Governance & risk controls that impress regulators and clients
• Board‑approved Treasury Charter—defines max % of equity held in BTC, authorised counterparties, and emergency liquidation triggers.
• Segregation of duties—initiator / approver split on every on‑chain transaction.
• 24 × 7 compliance monitoring—chain‑analytics to flag sanctioned addresses.
• Quarterly stress‑tests—BTC –70 % price shock, exchange‑bankruptcy scenario, and KRW flash‑devaluation.
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8 Future‑proof: coming attractions in Korea’s crypto law
Horizon What’s changing Why it matters
2025 H1 FSC expected to publish a Digital‑Asset Framework Act phase‑2 draft covering stablecoin issuance & crypto derivatives. Could unlock new products (BTC‑backed KRW stablecoin, treasury‑yield notes).
2025 H2 Potential mandatory third‑party segregation of client assets (similar to MiCA). Cold‑wallet architecture you deploy today should meet disclosure & audit‑trail requirements later.
2026 + Corporate accounting reform toward fair‑value crypto under IFRS if IASB finalises proposal. Eliminates impairment headaches and boosts reported earnings volatility.
Keep a legal‑policy war‑room, track FSC press releases, and join the Korea FinTech Association’s VASP working group to stay ahead of drafts.
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9 Capital‑raising & world‑class team
• Seed—angel + strategic (local bank’s fintech arm, insurance partner).
• Series A—pitch “regulated digital‑asset treasury house for Asia” to global crypto VCs.
• Talent—headhunt ex‑Upbit compliance officers, “Big 4” K‑IFRS auditors, and bilingual enterprise‑sales hunters.
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10 Launch with confidence—your action checklist
1. ☐ Decide on 주식회사 vs LLC; lock in paid‑in capital.
2. ☐ Engage ISMS consultant Day 1; the audit is the long pole.
3. ☐ Draft treasury charter & custody key‑management SOP.
4. ☐ Short‑list Travel‑Rule & KYT vendors; build integration sandbox.
5. ☐ Court local bank partner—come armed with risk handbook & ISMS roadmap.
6. ☐ Submit KoFIU registration package with all attachments (ISMS cert, bank MoU, AML manual).
7. ☐ Parallel‑track client‑pitch deck, website, and press kit.
8. ☐ Hold key ceremony → obtain crime‑insurance binder → soft‑launch pilot client.
9. ☐ Full public launch once KoFIU listing appears & first audit signed.
10. ☐ Celebrate with samgyeopsal—and tweet “#BitcoinIsComingToKorea”. 🎉
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Final pep‑talk 🌟
South Korea’s rule‑set is demanding—but that’s exactly why an early‑mover who embraces transparency, bank‑grade security and proactive compliance can win outsized trust (and fees). Nail the boring stuff—registrations, ISMS, cold‑wallet governance—then shout your story from Namsan Tower: “We turn static Korean corporate cash into future‑proof Bitcoin reserves—safely, legally, boldly.”
The playbook above puts the wind at your back. Go build Korea’s first world‑class Bitcoin‑treasury powerhouse! 🥳🚀