South Korea orders residents to report overseas crypto even if exchange fails

South Korea’s National Tax Service has clarified that residents holding cryptocurrencies on foreign exchanges are required to declare those assets under | Bitget crypto news!

• South Korea's National Tax Service mandates that residents must report overseas crypto assets, even if the exchange has failed or access is blocked.
• The disclosure obligation applies to accounts exceeding 500 million won, regardless of the exchange's operational status or the user's ability to access funds.
• This ruling highlights the complexities of valuing frozen crypto assets and precedes the country's scheduled crypto gains tax in 2027.

Topics: Jurisdictions, Legal regulatory, Compliance, Cross jurisdictional policy, Enforcement actions litigation, Aml antimoneylaundering, Kyc proof of identity

Tags: #southkorea #nationaltaxservice #cryptocurrency #foreignexchanges #disclosurerules #bankruptcy #taxation #digitalassets #assetreporting #ftx

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China’s tax enforcement disrupts financial hubs from Hong Kong to New York

• China is implementing a retroactive 20% tax on gains from offshore trusts and insurance policies, significantly impacting Hong Kong's wealth management sector.
• This enforcement aims to address fiscal shortfalls and rising capital outflows from mainland China, affecting financial institutions and investors.
• The move introduces substantial compliance complexity and market uncertainty for global financial players with exposure to Chinese clients and offshore assets.

Topics: Jurisdictions, Legal regulatory, Institutional adoption, Emerging hubs, Cross jurisdictional policy, Enforcement actions litigation, Onboarding prime brokerage

Tags: #chinataxenforcement #hongkongwealthhub #offshoretrusts #personalincometax #capitaloutflows #financialinstitutions #compliancecomplexity #assetreporting #retroactivetax #marketvolatility

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