National Tax Service "Virtual Assets Stored in Metamask, Excluded from Overseas Account Reporting"

According to a report by Digital Asset, the National Tax Service has announced that virtual assets held through non-custodial, decentralized virtual asset wallets such as cold wallets (offline wallets) will not be subject to overseas financial account reporting. The official interpretation of the law comes after it was unclear whether crypto wallets created by overseas entities such as Ledger and MetaMask had to be reported when crypto assets were first included in foreign financial account reporting from June 2023. On October 30, 2023, the National Tax Service said, "If you hold virtual assets through a non-custodial, decentralized virtual asset wallet, you are not subject to overseas financial account reporting under Article 53 of the Act on International Tax Coordination."