South Koreans Hold Around $98B of Virtual Assets in Overseas Accounts, National Tax Service Finds Out

South Koreans Hold Around $98B of Virtual Assets in Overseas Accounts, National Tax Service Finds Out
Source: shutterstock

A recent report by the South Korea National Tax Service shows that in 2023, residents and corporations in the country held 130.8 trillion won (around $98 billion) worth of virtual assets in registered overseas accounts. This accounts for 70% of the total overseas account holdings, which is 186.4 trillion won.

According to the National Tax Service's rules, tax residents or corporations in South Korea with foreign financial accounts are required to register if the aggregate balance of the accounts exceeds 500 million won on the last day of any month of the previous year. 2023 marks the first time that virtual assets are subject to reporting. Following the change, the total value of the reported assets increased from 64 trillion won in 2022 to 186.4 trillion won this year.

The report showed that 73 corporations owned 120.4 trillion won (around $90 billion) worth of virtual assets. The remaining 10.4 trillion won (around $8 billion) was held by 1,359 individuals, which means that each held 7.66 billion won (around $5.7 million) on average.

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