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Cryptocurrencies, including Bitcoin (BTC), represented the largest share of South Korea’s reported overseas assets in the latest data released by the country’s tax authority.
The National Tax Service (NTS) announced on Sept. 20 that 1,432 individuals and corporations reported holding overseas cryptocurrency accounts this year.
The total value of reported crypto assets amounted to 130.8 trillion South Korean won (approximately $98 million), accounting for more than 70% of the total value of all reported overseas assets.
According to official data, a total of 5,419 entities reported their overseas financial accounts, holding a combined total of 186.4 trillion won (approximately $140 million) in assets such as cryptocurrencies, stocks, deposits, and savings.
While cryptocurrencies constituted the largest portion of reported overseas assets by value, deposits and savings accounts led in terms of the number of reports. Specifically, 2,952 individuals and companies reported holding 22.9 trillion won (approximately $17 million) in deposits and savings. Additionally, 1,590 entities reported holding stocks valued at 23.4 trillion won (approximately $17.6 million).
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The NTS indicated that the tax regulator intends to closely scrutinize individuals and entities that fail to report their overseas financial accounts. The authority has been compiling data from cross-border information exchanges, foreign exchange records, and notifications from related agencies, noting that it will impose fines on violators. The regulator stated:
“In order to respond to the risk of potential tax base erosion through virtual assets, tax authorities around the world, including the National Tax Service, are preparing to exchange information in accordance with the Information Exchange Reporting Regulations.”
As a major crypto-friendly nation, South Korea has closely monitored cryptocurrency tax regulations in recent years, seizing millions of dollars in crypto from tax evaders. In August 2023, the city of Cheongju reiterated its plans to begin confiscating cryptocurrency from local tax delinquents.
Previously, the South Korean government reportedly delayed the 20% tax on crypto gains, which was initially scheduled to take effect in early 2023 but has been postponed until 2025.
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