In a move that could have major implications for the cryptocurrency industry, the South Korean government has announced new reporting requirements for owners of decentralized wallets. The National Tax Service (NTS) has stated that all owners of decentralized wallets must report their holdings to the government by the end of June 2021.

The new rules are part of a larger effort by the South Korean government to regulate the cryptocurrency industry. The government has been cracking down on cryptocurrency exchanges and other businesses in the industry, and this new rule is seen as an extension of that effort. The NTS has stated that all owners of decentralized wallets must report their holdings to the government by the end of June 2021. This includes any crypto assets held in the wallet, as well as any transactions made with it.

The NTS has also stated that any profits made from trading crypto assets must be reported to the government. This includes any profits made from trading between different cryptocurrencies, as well as any profits made from trading with fiat currencies. The NTS has also stated that any losses incurred from trading must be reported as well.

The new rules are likely to have a major impact on the cryptocurrency industry in South Korea. Many people have been using decentralized wallets to store their crypto assets, and this new rule could cause them to rethink their strategy. It could also lead to more people using centralized exchanges, as they are better regulated and more secure.

Overall, the new reporting requirements for owners of decentralized wallets in South Korea are likely to have a major impact on the cryptocurrency industry. It remains to be seen how these new rules will be enforced, and how they will affect the industry in the long run. However, it is clear that the South Korean government is taking steps to regulate the cryptocurrency industry, and this new rule is just one part of that effort.