Binance + 7,500,000NT offshore income

Business Money
1

Hi guys,

I have recently read an article stating that Taiwan will increase the tax free offshore income from 6,700,000NT to 7,500,000NT in 2024.

I was mainly using Binance to do my offshore stuff, but due to new regulations, I am not sure, if Binance would still be offshore in the future.

They have applied for a license in Taiwan. Does that make Binance an onshore company or is it still considered offshore? I mean, basically their HQ is not in Taiwan and therefore it should be an offshore company, but I do not want to to my trading based on a guess. Does anyone of you know more?

I have other options such as Kraken, Bybit, Bitstamp and Coinbase, but I do enjoy using Binance.

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2

I’d think the location of their HQ doesn’t matter much. If they have a local license, they will probably be treated as a local financial institution. (Standard Chartered Taiwan or DBS Taiwan both operate under local regulations.)

Probably best to check with the financial and/or the tax authorities.

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3

IANAL but I’m sure if you go to singapore and open a DBS account there it will count as offshore.

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4

What about assets in Hong Kong vs Singapore ? Anybody can share their insights?

5

I have the same understanding. DBS Singapore would be offshore. DBS Taiwan is onshore.

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6

So would that make Binance Germany offshore?

7

That’s my guess. But probably best to check with the tax authorities.

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