"If Overseas Accounts Including Virtual Assets Exceed ₩500 Million, You Must Report by June 30"

If the annual balance of an overseas virtual asset (cryptocurrency) account exceeds a certain threshold, it must be reported to the National Tax Service by the end of the following month.

According to the industry on the 29th, it has been reported that the National Tax Service plans to send notification letters via mobile and mail to taxpayers presumed to hold overseas financial accounts (including virtual assets) exceeding ₩500 million. If the total balance of overseas financial accounts held on any single day as of the end of last year exceeded ₩500 million, the relevant account information must be reported by June 30.

The reporting targets are overseas financial accounts, including accounts or wallets opened with overseas virtual asset exchanges or wallet providers. For example, accounts opened at foreign exchanges such as Binance, Coinbase, or overseas wallets like MetaMask or Ledger are also included as reporting targets. This system has been expanded from 2023 to include virtual assets as well.

Failure to report within the deadline will result in a penalty of 10% of the unreported or underreported amount. If the omitted amount exceeds ₩5 billion, criminal penalties and the disclosure of names may also apply.

Reporting is available online via Hometax or Sontax from June 1 to 30. If necessary, you may visit your local tax office in person to submit a paper report. The National Tax Service also intends to offer the 'Miri Filling Service', which automatically fills in existing report information to increase convenience.