South Korea Excludes Crypto Assets in Decentralized wallet from Reporting

South Korean tax authorities have clarified that crypto assets stored in non-custodial and decentralized wallets are excluded from overseas financial account reporting. This exemption applies to virtual assets held in wallets like Metamask and Ledger. The clarification addresses concerns regarding the reporting requirements introduced in 2023, which mandate South Korean crypto users to report digital assets held in foreign accounts exceeding 500 million Won to the National Tax Service. However, the exemption does not cover virtual assets held on overseas centralized exchanges. (Source: Coinedition)