• South Korea says crypto accounts at bankrupt overseas exchanges still fall under its foreign account reporting rules.
• Residents with combined overseas financial account balances above ₩500 million must report them to the NTS the following June.

South Korea’s National Tax Service (NTS) has clarified that residents may still have to report cryptocurrency accounts held with overseas exchanges even after those platforms have gone bankrupt and customers can no longer trade or withdraw their assets.

The NTS issued the interpretation on August 28 after a South Korean resident asked whether an account with a bankrupt overseas crypto exchange remained subject to the country’s foreign financial account reporting rules. The…