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131 tln won worth of overseas crypto assets reported to tax agency

12:00 September 20, 2023

By Kang Yoon-seung

SEOUL, Sept. 20 (Yonhap) -- South Korea's tax agency said Wednesday the amount of overseas cryptocurrency assets declared this year came to 131 trillion won (US$98.4 billion), following the mandatory reporting requirement introduced this year.

The combined amount of overseas assets reported, including cash and securities, shot up to reach 186.4 trillion won to a fresh high, compared with the previous year's 64 trillion won, following the new regulation, according to the National Tax Service.

The number of people and companies who reported their cryptocurrency assets in overseas accounts came to 1,432, the agency added.

By country, the United States was the No. 1 destination for overseas accounts held by South Korean companies, followed by Japan and Britain. For individuals, the U.S. topped the list, followed by Singapore and Hong Kong.

The breakdown by destination, however, excludes cryptocurrency assets due to difficulties in accurately tracking their geographical location on exchange platforms.

Under the country's tax law, South Korean nationals who have more than 500 million won in foreign financial accounts in any type of assets are obliged to report to the authorities in June.

Otherwise, they will be fined up to 20 percent of their undeclared money.



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