South Korea excludes decentralized crypto wallets from overseas declarations
South Korea’s National Tax Service (NTS) has updated its position on virtual assets. In a new statement, NTS clarified its position regarding the owners of decentralized crypto wallet s. Thus, individuals who own virtual assets through non-custodial decentralized wallet s, such as MetaMask, will not be subject to reporting on financial accounts abroad. “Overseas business operators only provide programs to store and store personal encryption keys, etc., and do not have control over them, so they are not involved in selling, buying, or exchanging, or holding virtual assets in wallet s such as cold wallet s are not subject to overseas financial account reporting.” NTS statement The service’s position became clearer after NTS included virtual assets in reporting overseas financial accounts from June 2023, requiring declarations from users with assets exceeding 500 million won. You might also like: South Korea’s FSC proposes rules to safeguard crypto...