South Korea keeps 500M won crypto accounts reportable

• South Korea’s tax authority says bankrupt overseas crypto accounts must still be reported.
• The reporting threshold is 500 million won across qualifying foreign accounts.
• Reported overseas crypto holdings reached 10.5 trillion won in 2026.

South Korea’s National Tax Service has ruled that bankrupt overseas crypto accounts can still require tax reporting.

The rule applies when a resident’s combined qualifying overseas accounts exceed 500 million won at any month-end.

The NTS said an account remains reportable even when an overseas exchange becomes insolvent and blocks trading or withdrawals.

The reporting rule covers overseas virtual asset accounts alongside foreign deposits, shares and other financial accounts.

Korean residents and domestic companies must file their overseas account reports in June of the following year.

South Korea reported 10.5 trillion won in overseas virtual assets in 2026, down 5.4% from the previous year.

The NTS has also moved towards automatic crypto data sharing under the OECD’s Crypto-Asset Reporting Framework from 2027.