Cryptocurrencies Constitute Over 70% of South Korea's Declared Overseas Assets in 2023
Summary:
South Korea's National Tax Service (NTS) discloses that cryptocurrencies account for over 70% of declared overseas assets in 2023. Overall, 5,419 entities reported overseas financial holdings, amassing $140 million in assets like cryptocurrencies, stocks, and deposits. Notably, cryptocurrencies made up the largest portion of the reported assets. The NTS is firm in its approach against those who fail to report overseas financial accounts and has plans to enforce fines for non-compliance.
South Korea's National Tax Service (NTS) recently disclosed that Bitcoin, along with other cryptocurrencies, comprise the majority of overseas assets declared by the nation. According to the NTS' September 20 release, for this year, both individuals and corporations submitted reports of 1,432 overseas cryptocurrency accounts. The reported combined value of these crypto assets equates to 130.8 trillion Korean won ($98 million), an amount that constitutes over 70% of the entire reported overseas assets. The data from the NTS reveal the total of 5,419 entities that declared their overseas financial holdings, amassing 186.4 trillion KRW ($140 million) in assets such as cryptocurrencies, stocks, as well as deposit and saving accounts. Despite cryptocurrencies making up the majority portion of the declared assets, there were more accounts reported for deposits and savings, with 2,952 entities declaring 22.9 trillion KRW ($17 million). Additionally, 1,590 other entities reported a collective 23.4 trillion KRW ($17.6 million) worth of stocks. The NTS declares a strong stance against non-declared overseas account holders emphasizing plans to escalate inspection and enforce fines on those not abiding by the rules. South Korea, known for its crypto-friendly approach, has been increasingly vigilant regarding cryptocurrency tax regulations, confiscating millions in cryptocurrencies from those avoiding tax. The city of Cheongju in South Korea reaffirmed its intentions in August 2023 to confiscate cryptocurrencies owned by local tax defaulters. Moving forward, the Korean Government postponed the introduction of the 20% tax on crypto gains originally planned for early 2023, to 2025.
Published At
9/20/2023 8:19:43 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.