South Korean Taxpayers Declare $98 Billion in Overseas Crypto Holdings
South Korean taxpayers have declared over 131 trillion won (more than $98 billion) in cryptocurrency holdings in overseas accounts this year, as per the country’s tax agency.
This declaration follows the introduction of mandatory reporting requirements for financial assets held abroad. Notably, almost 1,500 South Korean companies and individuals have reported their crypto assets in these overseas accounts, reflecting a new record of 186.4 trillion won’s worth of overseas assets reported in 2023.
The United States was the primary destination for South Korean business overseas accounts, while Singapore and Hong Kong ranked high for individuals. South Korea’s tax legislation requires reporting of foreign financial accounts exceeding 500 million won, with a penalty for non-compliance. The government is actively seeking to increase its revenue from citizens’ crypto holdings while postponing a 20% tax on crypto-related capital gains until 2025.
Clever Robot News Desk 22nd September 2023