South Korean tax payers have declared some 131 trillion won (more than $98 billion) of crypto holdings in overseas accounts this year. The amount was announced by the country’s tax agency and it comes after the authorities in Seoul imposed a mandatory reporting requirement for financial assets held abroad.
Almost 1,500 South Korean Firms and Individuals Declare Foreign Crypto Accounts
South Koreans have reported a total of 186.4 trillion won’s worth of overseas assets in 2023, a new record compared to last year’s 64 trillion won, as a result of a newly introduced regulation, the National Tax Service (NTS) unveiled, quoted by the Yonhap news agency.
The combined amount includes 131 trillion won ($98.4 billion) in cryptocurrencies, the agency noted, adding that the number of companies and private individuals who reported their crypto assets in overseas accounts has reached 1,432.
The United States was the leading destination for overseas accounts held by South Korean businesses, fo
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