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.
Make us preferred on Google
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
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Senate Agriculture's crypto market structure draft peppered with Democrat pitches
The latest draft of the major crypto legislation has begun to be targeted with amendments as the Senate Agriculture Committee approaches its hearing next week.
What to know:
- Proposed amendments to the Senate Agriculture Committee's crypto market structure bill have been posted, and the Democrats filing the pitches are seeking to push a number of the points they've sought over months of negotiation.
- Democrat amendments include proposals for banning senior government officials from profiting off of crypto interests and a demand for filling the Commodity Futures Trading Commission before new rules can be put in place.
- The committee's markup hearing for the bill is currently scheduled for next week, though a winter storm threatens the U.S. capital.
Top Stories
