Overview

• Seoul confirmed the commitment on Sept. 1 and will issue an administrative notice this month outlining implementation rules.
• Crypto-asset service providers must collect users’ tax residencies, tax identification numbers, and transaction histories, with annual reporting of unusual or large transactions.
• Exchanges such as Upbit and Bithumb will gather data on foreign users, while all overseas crypto trades by Korean residents will be reported to the National Tax Service regardless of value.
• Information will be exchanged with as many as 48 partner jurisdictions, with actual sharing contingent on reciprocal agreements.
• Declared overseas virtual assets by Korean taxpayers reached KRW 11.1 trillion this year, underscoring authorities’ focus on offshore activity.