Korean National Tax Service: Virtual assets stored in non-custodial wallets such as MetaMask are not included in the declaration of overseas financial accounts

According to Digital Asset, the Korean National Tax Service announced that the holding of virtual assets in non-custodial, decentralized virtual asset wallets such as cold wallets (offline wallets) will not be included in the declaration of overseas financial accounts.

The Korean National Tax Service will include virtual assets in the declaration of overseas financial accounts for the first time in June 2023 and require users with virtual assets exceeding 500 million Korean won to declare them to the National Tax Service.