South Korean crypto investors will need to declare investment in overseas exchanges

On January 4, the South Korean government will try to better understand the demographic structure of its target cryptocurrency investors. The latest move in this regard is to require citizens to declare their cryptocurrency investments in overseas exchanges. The New Year’s Guide published by the Ministry of Economy and Finance of South Korea mentions that citizens and domestic companies must make deposits worth more than 500 million won in overseas accounts on any day of this year between June 1 and June 30, 2023. Report to the director of the taxation bureau of the jurisdiction. It is worth noting that overseas cryptocurrency accounts are also included in this category, presumably to better formulate a tax law on cryptocurrency capital gains, which will be implemented in 2023.