131 trillion in overseas coin accounts belonging to Koreans… 8 trillion held by 30 and under

A recent report reveals that South Korean individuals and corporations hold over 130 trillion won in virtual assets (coins) in overseas exchange accounts and wallets. Among individuals, those under 30 hold 8.3 trillion won, making up 80 percent of the total. The National Tax Service reported a significant increase in the number of people reporting overseas financial accounts this year, with 5,419 individuals reporting a total of 186.4 trillion won, up 191.3 percent from last year. This surge is attributed to the inclusion of overseas virtual asset accounts following a late 2020 law revision.

Additionally, 1,432 individuals and corporations reported their overseas virtual asset account balances for the first time this year, totaling 130.8 trillion won. This amount surpasses the combined assets in other overseas financial accounts like savings, stocks, and funds (55.6 trillion won). Corporations accounted for 92.0 percent of the reported virtual asset accounts, totaling 120.4 trillion won, while individuals reported 10.4 trillion won. Among individuals, those in their 30s held the most virtual assets, with 6.8 trillion won. The National Tax Service plans to scrutinize and take action against those suspected of undeclaring overseas financial accounts, including fines, criminal charges, and tax collection.

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