{"id":43774,"date":"2021-06-04T16:46:10","date_gmt":"2021-06-04T13:46:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43774"},"modified":"2025-08-31T13:51:16","modified_gmt":"2025-08-31T10:51:16","slug":"south-korean-residents-must-disclose-overseas-cryptocurrency-exchange-accounts","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korean-residents-must-disclose-overseas-cryptocurrency-exchange-accounts\/","title":{"rendered":"South Korean residents must disclose overseas cryptocurrency exchange accounts"},"content":{"rendered":"<p>Residents of South Korea are required to report their assets on overseas cryptocurrency exchanges as part of compliance with tax law. <a href=\\\"https:\/\/forkast.news\/south-korea-tax-overseas-crypto-asset-accounts\/\\\">Forkast<\/a> reports, citing the relevant agency.<\/p>\n<p><!--more--><\/p>\n<p>According to the publication, citizens will pay tax on digital assets if their total amount at month-end exceeds 500 million won ($450,000). The new rule will take effect on January 1, 2022, and taxpayers must file their declarations by June 2023.<\/p>\n<p>Penalties for violators range from 10% to 20% of the undisclosed or undervalued amount. If it exceeds 5 billion won ($4.5 million), criminal liability is possible.<\/p>\n<p>From 2022, Korea <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-to-impose-capital-gains-tax-on-cryptocurrency-trades-from-2022\">will also introduce a 20% tax on profits from cryptocurrency trading<\/a> on amounts exceeding 2.5 million won (approximately $2,230).<\/p>\n<p>Similar rules will apply to inheritance or gifts of digital assets.<\/p>\n<p>Until September 2021, South Korean cryptocurrency exchanges <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-to-ban-anonymous-cryptocurrencies\">were required to complete KYC procedures<\/a> under the Special Payments Act. It also envisages a ban on anonymous cryptocurrencies.<\/p>\n<p>According to local media, one in four South Korean students <a href=\"https:\/\/u1f987.com\/en\/news\/study-finds-one-in-four-south-korean-students-invest-in-bitcoin\">invests in Bitcoin<\/a>. In April, some employers noted that their employees aged 20 to 30 <a href=\"https:\/\/u1f987.com\/en\/news\/media-south-koreas-youth-distracted-from-work-by-bitcoin-price-charts\">are distracted by monitoring the price fluctuations of the first cryptocurrency<\/a> or quit their jobs to devote themselves entirely to trading.<\/p>\n<p>As noted, in the first quarter of 2021, South Korean banks <a href=\"https:\/\/u1f987.com\/en\/news\/south-korean-banks-report-revenue-growth-amid-crypto-frenzy\">processed 64.2 trillion won ($57.9 billion) in transactions<\/a> on verified accounts linked to cryptocurrency exchanges, exceeding the full-year 2020 total.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean residents must report assets held on overseas cryptocurrency exchanges as part of tax compliance. Forkast reports, citing the relevant agency.<\/p>\n","protected":false},"author":1,"featured_media":43775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[974,558],"class_list":["post-43774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-south-korea","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43774"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43774\/revisions"}],"predecessor-version":[{"id":43776,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43774\/revisions\/43776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43775"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}