Green Satoshi Token in South Korea

South Korea is an unusual STEPN market. It has some of the deepest won-denominated markets for GMT anywhere, but no local exchange we checked lists Green Satoshi Token (GST). Korean exchanges are among the most tightly supervised in Asia, and the long-promised tax on crypto gains has been delayed again and again. If you want to play STEPN and use GST in South Korea, you need to understand all three of those facts before you put any won in.

This guide explains who regulates crypto in Korea, what the Virtual Asset User Protection Act changed for you as a user, where the crypto tax stands, how Korean players get from won to GST, and which risks are specific to the Korean market. For a general introduction to the game, read our STEPN beginner guide first.

How South Korea regulates crypto exchanges

Every virtual asset service provider (VASP) serving Korean customers must register with the Korea Financial Intelligence Unit (KoFIU), the anti-money-laundering authority under the Financial Services Commission (FSC). Registration is not a formality, and only a handful of exchanges run large won markets. The best known are Upbit, Bithumb, Coinone and Korbit.

For STEPN players, this tight structure has a clear consequence. Korean exchanges review tokens carefully, and they list large, liquid assets. GMT, STEPN’s governance token with a fixed supply of six billion, fits that profile. GST, an uncapped in-game token with thin pools and a price in fractions of a cent, does not.

What the Virtual Asset User Protection Act changed

The Virtual Asset User Protection Act took effect on 19 July 2024. It was the first law in Korea aimed directly at protecting crypto users rather than just fighting money laundering. ^[source] Its main rules:

• User deposits in won must be held in custody by a bank, separate from the exchange’s own money.
• At least 80% of users’ crypto must be kept in cold storage.
• Exchanges must hold insurance or reserves to cover hacks and system failures.
• Unfair trading, including market manipulation and use of undisclosed information, carries criminal penalties.

These protections are real, but they only cover assets while they sit on a registered Korean exchange. When you withdraw GMT to your STEPN wallet, you move into self-custody. Your 12-word secret phrase becomes the only key, and no Korean regulator can help you recover coins sent to the wrong address or stolen through a phishing link. Our STEPN wallet security guide covers the habits that matter most.

The next step: the Digital Asset Basic Act

The User Protection Act was described as phase one. Phase two, the Digital Asset Basic Act, would add broader market rules, including stablecoins. It has been in final consultations but has not been passed. ^[source] Until it is, do not assume any rule you read about in the news already applies.

Crypto tax in Korea: scheduled, delayed, and delayed again

Korea’s crypto tax story is a lesson in patience. A 22% tax (including local tax) on yearly gains from virtual assets above ₩2.5 million was first meant to start in 2022. It was pushed to 2023, then to 2025, then to 1 January 2027, which is the date currently written into law. ^[source]

That date may move again. The ruling Democratic Party has formally asked for a further delay of about two years, toward 2029. ^[source] At the time of our research, that delay had not been enacted. So there are two realistic scenarios for Korean STEPN players: either the 22% tax starts on the scheduled date, or it is postponed once more. Both have happened before.

What should a STEPN player do with that uncertainty? Keep records now, in won. Write down when you bought GMT or a base coin, at what won price, when you swapped into GST, when you sold sneakers on the marketplace, and when you cashed out. Korean exchanges give you a clean history for the trades you make on them, but the in-app swaps and marketplace sales happen on-chain and need your own notes. If the tax does start, you will want to show your cost basis without guessing. How game earnings themselves would be treated is something we cannot confirm, so ask a Korean tax professional (세무사) if your amounts are meaningful.

Why Korea has GMT markets but no GST

On Upbit, the public API confirms two GMT markets: KRW-GMT and BTC-GMT. Bithumb also offers GMT against the won, according to CoinGecko’s ticker data. Upbit does not list GST, and we could not confirm a GST market on Bithumb either. Korea also has a deeper link to GMT liquidity: in February 2025, STEPN’s transparency log records 709,504,827 Polygon GMT minted for liquidity provision via Upbit, with an equal amount burned elsewhere. ^[source]

The two tokens play different roles in STEPN. GST is the everyday game currency: you earn it by moving and spend it on level-ups, repairs, gems and Mystery Boxes. GMT is the governance token, used for marketplace prices, milestone levels and minting. Our GST vs GMT guide covers the split in more detail. For Korean players, the useful point is simple: GMT is the token you can buy in won, and GST is the token you swap into once you are inside the app.

Holding GMT versus holding GST

Because GMT is the token with a won market, one approach is to keep most of your STEPN balance in GMT and only swap into GST when you need it for a level-up, a repair or a gem upgrade. The logic is easy to follow: GMT has deeper markets and a capped supply, while GST has no supply cap and every unit spent in the app is burned. If you ever want to leave, getting out of GMT into won is a single trade on a Korean exchange, whereas getting out of GST means a swap in a thin pool first. That is not a recommendation to hold either token. Both have fallen a long way from their 2022 highs, and GMT set a fresh all-time low recently. It simply explains why a GMT-first approach can feel natural when you think in won.

The won-to-GST route Korean players use

Here is the practical path from won to GST. It assumes you already have a verified account at a registered Korean exchange.

1. Pick your STEPN realm

   Solana, BNB Chain or Polygon. GST is a different token in each realm (sGST, bGST, pGST) and cannot be moved between them.

2. Buy GMT in won

   On a KoFIU-registered exchange with a KRW-GMT market. You will also need a little SOL, BNB or POL for gas, depending on your realm.

3. Check the withdrawal network

   Match the network your exchange offers for GMT to the realm address shown in the STEPN app. Send a small test transfer first.

4. Swap GMT to GST in the app

   The in-app swap runs on DOOAR and charges 1%. Swap only what you need for the next level-up or repair.

The gas part is the step people forget. Moving tokens between your STEPN Wallet and Spending accounts is an on-chain transaction, so you need a small amount of the realm’s base coin as well as GMT. If your exchange does not offer that base coin on the right network, you will be stuck with GMT in your wallet and no way to move it. Plan both purchases before you start. Korean exchanges may also apply their own checks to withdrawals to personal wallets, so read your exchange’s withdrawal rules in advance.

There is a second route if you prefer: buy SOL, BNB or POL directly in won, send it to STEPN, and swap that into GST. It skips the GMT step but means the full amount goes through a thinner GST pool. Our complete guide to buying GST compares both routes and covers the international venues where GST still has spot pairs.

Before you swap, check the won price at the top of this page and the live GST price chart. GST trades in fractions of a cent, and the three realm versions often sit at very different prices.

The Korean STEPN community

STEPN runs an official Korean Telegram group at t.me/STEPNofficialKorea. It is the place for Korean-language announcements and help. We could not verify any Korea-specific STEPN events, so be sceptical of offline “official” meetups or airdrops promoted through unknown accounts. The same scam patterns that hit global STEPN channels hit Korean ones: fake moderators, “stealth mint” links and requests for 2FA or seed codes. STEPN’s support pages state that official moderators never DM users or ask for codes. ^[source]

Korea has an active move-to-earn crowd and an equally active GMT trading scene, and the two overlap. That has upsides (more people who understand the token economy) and downsides (a stronger focus on GMT price action than on the game itself). If you are here mainly to walk and earn, our earning strategies guide is a more grounded starting point than a trading chat.

Risks specific to Korean STEPN players

Tax timing risk. The 22% tax is scheduled but may be delayed. If it starts on 1 January 2027, gains you realise from that date could be taxed. Do not make big moves based on headlines about a delay that has not been enacted.

Network risk. Korean exchanges support specific withdrawal networks for each coin. Sending GMT on a network that does not match your STEPN realm is the most common way Korean players lose funds. Always test with a small amount.

Liquidity risk. GMT is liquid in won. GST is not. Every swap into or out of GST goes through small on-chain pools, and the token sits near its all-time low. Large swaps can cost more than you expect.

Self-custody risk. The User Protection Act ends at the exchange’s door. Once coins are in your STEPN wallet, you are your own bank. Turn on 2FA, keep your secret phrase offline, and never share codes.

If you are comparing Korea with nearby markets, our Japan guide shows a very different tax picture, and the Asia hub lines up every country side by side.