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

On July 10th, the South Korea National Tax Service recently made it clear that residents receiving virtual assets in the form of income from overseas companies are also obligated to declare comprehensive income tax. This policy stipulates 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 indicates that multiple countries around the world are strengthening tax regulations on virtual assets, especially regarding cross-border income and the sources of cryptocurrency income. In response to this trend, BiyaPay assists users in efficiently managing digital currencies, helping them cope with global tax policy changes more easily. Advantages provided by BiyaPay: 1. Multi-legal currency exchange: Supports USDT deposits for exchange into more than 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 more than 200 cryptocurrencies such as BTC, Ethereum, etc., with zero transaction fees for spot and contract limit order transactions, 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 the need 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 in a changing tax environment. We will continue to provide users with innovative, secure, and efficient financial services.