According to records published by the National Tax Service on Wednesday, South Koreans own virtual assets worth a total of 131 trillion won ($99 billion) abroad.
According to the tax service, that accounts for 70% of all reported foreign assets. A total of 1,432 people and businesses revealed they had cryptocurrency accounts abroad. According to estimates from the World Bank, there are little under 52 million people living in the nation.
This year, South Korea instituted a mandated reporting requirement, according to Yonhap News. If a citizen has more than 500 million won in accounts abroad, they must declare it in June under the tax rules, it stated.
Nations all across the world are looking into how to tax virtual assets. By 2025, South Korea’s proposed taxes on cryptocurrency revenues are anticipated to take effect. The nation also disclosed that airdrops may soon be subject to taxation.