Krutika Adani
Crypto as Income? Declare It.
South Korea’s National Tax Service (NTS) confirms that crypto received from foreign companies as labor income must be reported in tax filings.
Residents with separate incentive contracts—like freelancers or remote workers—must declare crypto earnings under comprehensive income tax.
If the foreign entity doesn’t withhold tax via a local tax association, the burden falls on the individual to file a final income declaration.
The clarification is grounded in Article 127 (withholding tax) and Article 70 (global income declaration) of South Korea’s Income Tax Act.
As crypto income becomes more regulated, South Korean residents must stay tax-compliant—or risk penalties under expanding global rules.