South Korea to tax overseas crypto assets starting next year

According to BlockBeats, the National Tax Service of South Korea announced that starting in 2022, South Korean residents who have accounts in foreign cryptocurrency exchanges may have to report their holdings for tax purposes. It is reported that from January 1, 2022, new overseas virtual asset tax rules will apply to citizens holding cryptocurrencies, and tax reporting will be required from June 2023. If the account balance of South Korean citizens in overseas virtual asset businesses exceeds 500 million won or US$447,900 at the end of each month, they will be required to pay taxes. (Jinshi)