South Korea: Non-custodial wallets exempt from overseas financial account reporting requirements

South Korea’s National Tax Service (NTS) recently clarified that digital assets stored in decentralized and non-custodial wallets are not subject to the country’s overseas financial account reporting requirements and do not need to be reported. As previously reported, South Korea’s new tax law stipulates that holding crypto assets worth more than 500 million won (approximately US$380,000) needs to be reported to the tax department. (bitcoin.com)