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
CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
Top Stories
