South Korean Taxpayers Report $98.5 Billion in Overseas Crypto Holdings

South Korea

The National Tax Service announced that 1,432 individuals and companies have reported their overseas crypto asset accounts.

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South Korea’s tax agency revealed that this year, taxpayers declared overseas cryptocurrency assets worth a total of 130.8 trillion won ($98.5 billion).

This reporting requirement was initiated by the country in 2023. A total of 1,432 individuals and companies complied with the reporting rule.

Korean nationals with assets exceeding 500 million won, including cryptocurrencies, in foreign accounts are obligated to declare their holdings. The declared overseas crypto assets accounted for 70.2% of the total reported foreign assets.

New Law

In June, South Korean lawmakers approved 19 bills aimed at enhancing the protection of cryptocurrency investors. These bills grant regulatory authority to the Financial Services Commission and the Bank of Korea to supervise cryptocurrency operators and asset custodians. Additionally, they empower authorities to impose penalties for unfair virtual asset trading.

In July, the Financial Services Commission (FSC) announced upcoming requirements for domestic companies to disclose their cryptocurrency holdings starting next year. These new accounting rules will also mandate cryptocurrency issuers to provide information such as token specifics, business models, and internal accounting policies.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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