A total of 1,432 individuals and companies reported their overseas crypto asset accounts, the tax agency said.
The overseas crypto holdings declared by Korean taxpayers accounted for 70.2% of the total value of reported foreign assets, the tax authority said.. The new legislation, comprised of 19 crypto-related bills, gives the Financial Services Commission and the Bank of Korea the authority to oversee crypto operators and asset custodians. The new bill also allows authorities to enforce penalties in cases of unfair trading of virtual assets.from next year as part of new accounting rules.
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