Share this article
South Koreans Hold $99B of Digital Assets Overseas: Tax Service
The crypto held abroad accounts for about 70% of all assets held outside the country.
Updated Sep 21, 2023, 3:33 p.m. Published Sep 20, 2023, 1:18 p.m.
South Koreans hold a total of 131 trillion won ($99 billion) worth of virtual assets outside the country, the National Tax Service said in documents posted Wednesday.
That's 70% of all reported overseas assets, the tax service said. A total of 1,432 individuals and corporations reported that they held crypto accounts overseas. The country has a population of just under 52 million, according to World Bank data.
STORY CONTINUES BELOW
South Korea introduced a mandatory reporting requirement this year, Yonhap News reported. The tax law requires nationals to declare in June if they have more than 500 million won in accounts abroad, it said.
Countries around the world have been exploring ways to tax virtual assets. South Korea's planned taxes on crypto earnings are expected to come into place by 2025. The country also announced that it might start taxing airdrops.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto industry insiders meet with key senators on market structure bill negotiation
Executives and lobbyists are attending a meeting today with Senator Tim Scott and others to hash out the ongoing talks over crypto's most important policy effort.
What to know:
- The crypto industry is have another meeting with U.S. Senate lawmakers who are working on the market structure bill.
- The legislation will return to negotiations in January, and this may mark the last big chance this year for industry representatives to clarify their positions in the talks.
Top Stories
