South Koreans Hold $99 Bn Digital Assets Overseas

South Koreans Hold $99 Bn Digital Assets Overseas

South Koreans hold a total of 131 trillion won ($99 billion) worth of virtual assets outside the country, the National Tax Service said in documents posted Wednesday.

That’s 70% of all reported overseas assets, the tax service said. A total of 1,432 individuals and corporations reported that they held crypto accounts overseas. The country has a population of just under 52 million, according to World Bank data.

South Korea introduced a mandatory reporting requirement this year, Yonhap News reported. The tax law requires nationals to declare in June if they have more than 500 million won in accounts abroad, it said.

Nations all across the world are looking into how to tax virtual assets. By 2025, South Korea’s proposed taxes on cryptocurrency revenues are anticipated to take effect. The nation also disclosed that airdrops may soon be subject to taxation.

(With inputs from Shikha Singh)

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