Foreign crypto assets reported by local taxpayers account for 70.2% of the total value of reported foreign assets. According to the law, South Korean citizens with assets worth more than 500 million Korean won (about $376,605) in foreign accounts, including cryptocurrencies, are required to report the funds to the tax authorities.
In June, South Korea passed a law to protect crypto investors. It gives the Financial Services Commission (FSC) and the Bank of Korea the power to monitor crypto platform operators and custodial services. The new law allows authorities to fine companies in cases of unfair trading of virtual assets.
In July, the FSC said it would require local companies to disclose information about crypto assets held on their balance sheets. Cryptocurrency issuers will also be required to disclose digital asset information, business models and internal accounting policies.
In March, the Korea Tax Administration began working with Bulgaria and the UK to track individuals using cryptocurrencies to evade taxes. In August, authorities in the South Korean province of Gyeonggi confiscated a record $47 million in bitcoin, ether and other cryptocurrencies from drug evaders.
Source: Bits
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