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South Korean Tax Service Reports $99 Billion in Overseas Digital Asset Holdings

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Sep 21, 2023 at 12:05 pm

The National Tax Service has revealed that South Koreans collectively hold an astonishing 131 trillion won (equivalent to $99 billion) in virtual assets located abroad, constituting approximately 70% of the total reported assets held outside of South Korea. This disclosure came as part of the tax service's confirmation. Noteworthy is that 1,432 individuals and corporations have openly acknowledged their ownership of cryptocurrency accounts based overseas. Given that South Korea's population is just under 52 million, as indicated by World Bank data, this showcases a significant level of international crypto ownership.

This year, South Korea introduced a compulsory reporting requirement, mandating citizens to declare holdings exceeding 500 million won in foreign accounts by June, as reported by Yonhap News. Globally, various countries are actively exploring methods for taxing virtual assets. South Korea's projected tax regulations concerning cryptocurrency profits are expected to be enforced by 2025. Furthermore, there have been suggestions that the country is considering imposing taxes on airdrops.

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