Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»EXCHANGE NEWS»South Korea Issues Warning to Citizens: Failure to Report Holding Foreign Cryptocurrencies Will Be Prosecuted
EXCHANGE NEWS

South Korea Issues Warning to Citizens: Failure to Report Holding Foreign Cryptocurrencies Will Be Prosecuted

By Crypto FlexsApril 30, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
South Korea Issues Warning to Citizens: Failure to Report Holding Foreign Cryptocurrencies Will Be Prosecuted
Share
Facebook Twitter LinkedIn Pinterest Email

The warning clearly states that June 30th has been designated as the reporting date for overseas financial holdings.

As countries try to find a balance in financial and cryptocurrency regulation, South Korea has issued a new warning to cryptocurrency holders that they may face prosecution if they fail to report their holdings on foreign cryptocurrency exchanges. This is part of a plan to create stricter guidelines. According to a recent report, digital assets held on exchanges outside of Korea are considered offshore assets.

Obligation to report overseas financial accounts

A warning posted to MoneyS by Kim Dae-kyung, a tax accountant at Hana Bank’s Asset Management Group, states that June 30 has been designated as the reporting date for overseas financial holdings. According to the Income Tax Act, if the total amount of overseas financial accounts is more than 500 million won at the end of the month, domestic residents must report the accounts to the authorities by June 30 every year.

He also noted that although these regulations are now in effect, authorities still have ways to know residents’ financial information, and this is due to the implementation of the Autonomous Financial Information Exchange Agreement (FATCA) with the United States and the Autonomous Banking Regime. 2014 Organization for Economic Co-operation and Development (OECD) Transnational Information Exchange Agreement (MCAA).

To ensure compliance, the state imposed fines on individuals who failed to report their account holdings. The fine ranges from 10 to 20% of the account balance, and if the unreported cryptocurrency trader’s wallet or account balance is more than 5 billion won (more than 3.6 million dollars), the holder may be subject to criminal punishment.

In fact, joint accounts shared by a couple or family are also subject to reporting if the combined balance is more than 500 million won. However, only one of the account signatories is required to report the entire account to meet everyone’s obligations.

Residency criteria for reporting obligations

The reporting process requires several details, including declaring the highest total month-end balance for the year and converting it to your local currency using the exchange rate on the date the highest balance occurred for reporting purposes.

The obligation to report foreign financial accounts applies to both residents and domestic corporations under the Income Tax Act. Residence standards for foreigners and overseas Koreans vary depending on the period of stay. Professor Kim emphasized:

“According to the International Tax Adjustment Act (National Tax Act), foreigners must reside in Korea for at least 5 years from 10 years prior to the end of the reporting year, and overseas Koreans must reside in Korea from 1 year prior to the end of the reporting year. Reporting year end date. If the period is less than 183 days, the reporting obligation is exempted.”

Moreover, the news reports that the National Tax Service sends a notice every June to those scheduled to submit overseas financial accounts based on various data such as past reporting history, overseas fund transfers, and information collected through international information exchange. contract. However, receipt of such notice does not necessarily confirm the reporting requirement.

Individuals who receive a notification should carefully evaluate whether they meet the mandatory reporting criteria. Even if you do not receive a notification, you must be careful as the National Tax Service may have obtained your account information through cross-border information sharing if you are required to report and have not disclosed your account.

next

Altcoin news, cryptocurrency news, news

thank you!

You have successfully joined our subscriber list.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Dogecoin (DOGE) after collision

June 23, 2025

Litecoin Key Support in Focus Price Eye Brake Out Determination

June 20, 2025
Add A Comment

Comments are closed.

Recent Posts

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025
Most Popular

Crypto Robot wants to be your friend and pays for privilege.

May 10, 2025

Ether Lee Riium integrates more than $ 2,500, while BTC is leading the rate -you can see the main level.

May 23, 2025

Solana’s ETF’s Fate Hangs on Trump and Biden

July 11, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.