South Korea tax law mandates reporting for citizens with over 500 million won in foreign accounts.
South Korea’s tax agency announced today that taxpayers have declared overseas cryptocurrency assets worth 130.8 trillion won this year following the introduction of mandatory reporting requirements.
The National Tax Service outlined an increase in the total reported amount of overseas assets, including cash and securities. This figure rose to a record high of 186.4 trillion won, an increase from the previous year’s 64 trillion won. It also revealed that 1,432 individuals and companies complied with the new regulation by reporting their overseas cryptocurrency holdings., overseas cryptocurrency assets represent a significant portion, making up 70.
However, it’s important to mention that the breakdown by destination does not include cryptocurrency assets. This is because accurately tracking their geographical location onThe increase in reporting occurred following the implementation of cryptocurrency-related bills by South Korean lawmakers in June, which were introduced to improve investor protection and regulatory oversight.
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