The National Tax Service of South Korea has announced that starting 2022, some of the county’s citizens and companies will be obliged to report their holdings on foreign cryptocurrency exchanges for tax purposes, Forkast reported today.
Per the publication, the agency explained that new rules would affect Koreans who have at least 500 million Korean won (around $450,000) worth of cryptocurrencies in their overseas accounts at the end of each month.
South Korea to Kick Off Digital Currency Experiment This Summer
In the past, such requirements encompassed foreign bank deposits as well savings, stocks, bonds, funds, derivatives, and insurance products.
However, starting January 1, 2022, these reporting rules will be extended to include cryptocurrencies as well. Thus, Koreans will have to declare their corresponding offshore digital asset holdings for the first time in June 2023.
Koreans who fail to report their crypto caches will face a fine of up to 20% of their undisclosed or underr
Źródło: https://decrypt.co/72727/south-korean-citizens-must-declare-large-offshore-crypto-accounts-next-year
