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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Everyday crypto users face monthly tax bills on total asset value if covered brokers fail to collect under new Illinois rules

Blockchain Association and CCI seek injunctions, but the filing itself did not suspend the 0.2% levy.

• Illinois's new 0.2% digital asset tax, set to begin January 1, 2027, is facing legal challenges from the Blockchain Association and the Crypto Council for Innovation.
• The tax is based on the total value of customer digital asset activity, not gains or fees, and requires brokers to collect it.
• The lawsuit seeks to invalidate the tax, citing federal preemption, commerce clause violations, and due process concerns, but the filing itself does not suspend the law.

Topics: Legal regulatory, Jurisdictions, Compliance, Securities law classification, Cross jurisdictional policy, Aml antimoneylaundering

Tags: #illinoisdigitalassettax #blockchainassociation #cryptocouncilforinnovation #injunction #02levy #digitalassettaxact #brokercompliance #taxation #regulatorychallenge

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White House Bitcoin Chief on BTC Accumulation Plans, CLARITY Act Timeline | Bitcoin Backstage

🎬 White House Bitcoin Chief on BTC Accumulation Plans, CLARITY Act Timeline | Bitcoin Backstage
What does the U.S. government actually plan to do with Bitcoin? Patrick Witt, the White House's Bitcoin Chief, joins host Isabella Santos at the Bitcoin Conference to break down the Strategic Bitcoin Reserve, the executive order that stopped fire-sale asset dumps, and the path to acquiring more Bitcoin in a budget-neutral way. He explains why Washington now treats Bitcoin as a standalone strategic asset for national and economic security. Plus: the CLARITY Act, self-custody, and a rapid-fire rou...

➤ White House Bitcoin Chief Patrick Witt discussed the US government's plans for Bitcoin, including the Strategic Bitcoin Reserve and the CLARITY Act, emphasizing Bitcoin's unique status as a strategic asset for national and economic security.
➤ Witt highlighted that legislative clarity, such as the CLARITY Act, is crucial for unlocking significant institutional capital, with traditional institutions expected to 'dive in headfirst' once legislation is passed.
➤ The discussion also touched upon tax reporting (1099-DA), the importance of self-custody, and the need to proactively address quantum computing risks to ensure Bitcoin's long-term viability as an asset.

#Bitcoin #White House #Patrick Witt #CLARITY Act #Strategic Bitcoin Reserve #national security #economic security #taxation #selfcustody #quantum risk #institutional capital

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South Korea Says Tokenized Stocks May Face Existing Tax Laws

South Korea may tax tokenized stocks under securities laws as FSC reviews rules amid rising demand for blockchain-based equity products.

• South Korea's finance ministry views tokenized stocks as securities, not virtual assets, potentially subjecting them to existing tax laws.
• This interpretation, if adopted by the Financial Services Commission, would avoid the need for new legislation and bypass the virtual asset taxation regime.
• The regulatory stance is crucial as global demand for tokenized equities rises, with the FSC expected to release guidance in July.

Topics: Legal regulatory, Asset types, Jurisdictions, Securities law classification, Equity, Established hubs

Tags: #tokenizedstocks #southkorea #securitieslaw #taxation #financialservicescommission #capitalmarketsact #virtualassets #regulatoryreview #equityinstruments

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