BiyaPay Analyst: South Korean Residents' Overseas Service Virtual Asset Income is Taxable, BiyaPay Helps Users Navigate Global Tax Policy Changes

BlockBeats News, July 10th, the South Korea National Tax Service recently clarified that residents receiving virtual assets in the form of income from overseas companies are also required to declare comprehensive income tax. This policy requires that if a Korean resident receives virtual assets from a foreign company as compensation under a separate incentive contract and has not undergone withholding tax through a tax combination, they must declare comprehensive income tax.

This case involved Singaporean Company B issuing virtual assets to employees of its Korean subsidiary Company C as compensation. The employees directly signed an incentive contract with Singaporean Company B, engaged in blockchain and cryptocurrency exchange-related work, and received compensation in the form of virtual assets. This change marks that multiple countries worldwide are strengthening tax regulations on virtual assets, especially regarding cross-border income and the sources of cryptocurrency income.

In response to this trend, BiyaPay helps users efficiently manage digital currencies, assisting them in coping with global tax policy changes more easily.

Advantages provided by BiyaPay:

1. Multi-legal currency exchange: Supports USDT deposits for exchange into over 30 different legal currencies such as US dollars, euros, Hong Kong dollars, Singapore dollars, etc., and provides a zero-freeze card withdrawal service to ensure fast and secure remittances.

2. Convenient cryptocurrency exchange: Supports the exchange of over 200 cryptocurrencies such as BTC, Ethereum, etc., with spot and contract limit order transactions having zero transaction fees, significantly reducing trading costs.

3. Barrier-free trading of US and Hong Kong stocks: Users can trade US and Hong Kong stocks using USDT without needing to apply for an offshore account, easily participating in global stock trading and seizing investment opportunities in real-time.

BiyaPay empowers global users to smoothly conduct cross-border remittances, cryptocurrency transactions, and global investments amidst changing tax environments. We will continue to provide users with innovative, secure, and efficient financial services.