2024

Metamask

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<div class="cryptonews">
 <p class="is-style-lead">South Korea’s National Tax Service (NTS) has updated its position on virtual assets.</p>
 <p>In a new statement, NTS clarified its position regarding the owners of <a rel="noopener noreferrer nofollow" title="decentralized" href="https://thebittimes.com/tag/decentralized.html">decentralized</a> <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>s. Thus, individuals who own virtual assets through non-custodial <a rel="noopener noreferrer nofollow" title="decentralized" href="https://thebittimes.com/tag/decentralized.html">decentralized</a> <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>s, such as MetaMask, will not be subject to reporting on financial accounts abroad.</p>
 <blockquote class="wp-block-quote">
  <p>“Overseas business operators only provide programs to store and store personal encryption keys, etc., and do not have control over them, so they are not involved in selling, buying, or exchanging, or holding virtual assets in <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>s such as cold <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>s are not subject to <a rel="noopener noreferrer nofollow" title="overseas" href="https://thebittimes.com/tag/overseas.html">overseas</a> financial account reporting.”</p> <cite>NTS statement</cite>
 </blockquote>
 <p>The service’s position became clearer after NTS included virtual assets in reporting overseas financial accounts from June 2023, requiring declarations from users with assets exceeding 500 million won.</p>
 <div class="cn-block-related-link">
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> South Korea’s FSC proposes rules to safeguard crypto users
 </div>
 <blockquote class="wp-block-quote">
  <p>“The purpose of reporting overseas financial accounts is to report because there are limitations in obtaining overseas tax data, but there was controversy as to whether the Metamask wallet was an overseas wallet.”</p> <cite>Kim Ji-ho, an NTS accountant</cite>
 </blockquote>
 <p>At the same time, the interest of South Koreans in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies continues to grow. In November 2023, the South Korean won overtook the U.S. dollar in terms of trading volume on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchanges for the first time. Traders from Asia, especially from South Korea, have been one of the drivers of growth in trading volumes on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchanges over the past couple of months. The share of South Korean exchanges in total <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency trading volume rose to 12.9% in November 2023, although in January 2023 this figure was only 5.2%.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> South Korea to mandate crypto disclosure for 5,800 officials in 2024
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/south-korea-excludes-decentralized-crypto-wallets-from-overseas-declarations-tbt75437.html">https://thebittimes.com/south-korea-excludes-decentralized-crypto-wallets-from-overseas-declarations-tbt75437.html</a></p>

South Korea excludes decentralized crypto wallets from overseas declarations

TheBitTimes

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