New Tax Regulations for Virtual Assets in South Korea
Residents of South Korea who receive virtual assets as income from international firms must now comply with the nation’s comprehensive income tax regulations, as clarified by the National Tax Service (NTS). According to the recent announcement, any Korean individual receiving these digital assets under an incentive contract and not subject to withholding taxes needs to report this income for tax purposes.
Case Study: Employees of a South Korean Subsidiary
In a specific example, employees of a South Korean subsidiary company that is part of a Singaporean entity were compensated in virtual assets for their work related to blockchain and cryptocurrency exchanges. These employees entered into contracts with the Singapore-based firm, thereby triggering the requirement to declare their income.
Global Trends in Tax Policies
This development aligns with a global trend where various nations are tightening their tax policies concerning virtual currencies, particularly focusing on cross-border revenue and the origins of cryptocurrency income.
BiyaPay’s Solutions for Compliance
In light of this evolving landscape, fintech company BiyaPay is offering solutions to assist users in handling their digital currencies and staying compliant with global tax policies. BiyaPay provides several advantages, such as:
- Multi-Currency Support: Customers can deposit USDT and exchange it for over 30 fiat currencies, including U.S. dollars and euros, while enjoying a zero-freeze card withdrawal service for swift and secure transactions.
- Cost-Effective Crypto Trading: The platform supports the trading of more than 200 different cryptocurrencies, including Bitcoin and Ethereum, and offers zero transaction fees for spot and limit orders, greatly lowering trading expenses.
- Simplified Stock Trading: Users can seamlessly trade U.S. and Hong Kong stocks using USDT without needing to set up an offshore account, thus facilitating easy entry into global stock markets and timely investment decisions.
BiyaPay aims to empower users across the globe by providing efficient capabilities for cross-border transactions, cryptocurrency trading, and international investments while navigating the changing tax regulations. The company remains committed to delivering innovative and secure financial services to its clients.
