South Koreans invested in cryptocurrency assets abroad for a total of 130.8 trillion won, equivalent to $98.5 billion, and this makes up 70% of all the assets South Koreans have invested in foreign countries, according to the country’s tax agency.
These cryptocurrency holdings are spread among 1,432 individuals and businesses. On average, each of them has about $68.4 million worth of cryptocurrency.
Traditional bank accounts and savings in foreign countries only make up 22.9 trillion won, or $17 billion, and were reported by 2,952 people and businesses.
Most South Korean entities with overseas accounts have them in the United States, followed by Japan and Britain. Similarly, for individual accounts, the majority are in the U.S., followed by Singapore and Hong Kong.
According to the local news agency Yonhap, the country is asking Korean citizens who have more than 500 million won in assets, which includes cryptocurrency, in accounts located outside of the country to report and disclose the value of these holdings.
According to the 2023 Overseas Financial Account Reporting Performance released by the National Tax Service on September 20, the amount reported for overseas financial accounts this year is 186.4 trillion won.
Also Read: South Korea Targets Virtual Currency OTC and Deposits
