South Korea Requires Overseas Crypto Exchange Accounts To Be Reported Even If The Exchange Fails

South Korea’s National Tax Service has said that individuals with accounts at overseas virtual asset exchanges must report those accounts as foreign financial accounts even if the exchange goes bankrupt. According to ChainCatcher, the agency said residents who open accounts with overseas virtual asset operators to trade digital assets must report them as foreign financial accounts regardless of the operator’s insolvency. The agency also expects the value of digital assets subject to overseas financial account reporting in 2026 to reach 10.5 trillion won, down 5.4% from 2025.