The National Tax Service (NTS) of South Korea has revealed that 70% of the country’s overseas assets are in cryptocurrency. 
According to an <a href="https://www.nts.go.kr/nts/na/ntt/selectNttInfo.do?mi=2201&amp;bbsId=1028&amp;nttSn=1327158" data-type="link" data-id="https://www.nts.go.kr/nts/na/ntt/selectNttInfo.do?mi=2201&amp;bbsId=1028&amp;nttSn=1327158" target="_blank" rel="noopener noreferrer nofollow">official statement</a>, the country holds $98 million worth of crypto abroad, as reported by nearly 1,400 individuals and corporations. 
The NTS said that out of the 186.4 trillion won ($140 million) in assets held by 5,419 entities in foreign financial accounts. The types of holdings included stocks, crypto, deposits, and savings. 
Of the reported funds, 130.8 trillion won ($98 million) were in crypto. 
 You might also like: <a href="https://crypto.news/south-korean-regulators-focus-on-otc-crypto-market/" rel="noopener noreferrer nofollow"> South Korean regulators focus on OTC crypto market </a> 
<h2 class="wp-block-heading" id="south-korea-s-crypto-journey">South Korea’s crypto journey</h2> 
The relationship between <a href="https://crypto.news/south-korean-regulators-focus-on-otc-crypto-market/" data-type="link" data-id="https://crypto.news/south-korean-regulators-focus-on-otc-crypto-market/" rel="noopener noreferrer nofollow">South Korea</a> and cryptocurrency has been challenging. The country has experienced ups and downs in its crypto market, with tightening government regulations threatening a potential shutdown at one point. 
The government’s presidential committee has called for robust crypto regulations to encourage mainstream adoption. 
Despite the challenges, <a href="https://crypto.news/south-korea-obliges-crypto-exchanges-to-hold-2-3m-in-reserves/" data-type="link" data-id="https://crypto.news/south-korea-obliges-crypto-exchanges-to-hold-2-3m-in-reserves/" rel="noopener noreferrer nofollow">South Korea</a> remains a hub for crypto activity. The country is home to one of the most active local crypto markets, with the largest exchange, UPbit, listing 111 cryptocurrencies. Compared to countries like the U.S, a significantly higher percentage of South Koreans have engaged in crypto transactions. 
South Korea’s stance on crypto and active participation in the industry highlight its potential as a significant player in the global crypto landscape. 
 You might also like: <a href="https://crypto.news/south-korea-obliges-crypto-exchanges-to-hold-2-3m-in-reserves/" rel="noopener noreferrer nofollow"> South Korea obliges crypto exchanges to hold $2.3m in reserves </a>

Crypto accounts for 70% of South Korea’s overseas assets

Table of Contents

crypto.news

Other articles published on Sep 20, 2023

Prime Trust Crypto Custodian Signals Potential Layoffs for 62 Employees – Is the Bear Market to B...

Shiba Inu’s Shibarium Records Nearly 700% Growth in Smart Contracts

Shiba Inu vs. XRP: Which Will Reach the $1 Milestone First and Which Will Deliver a 10x ROI?

INX Digital to list Unicoin security token on its trading platform

Legendary Trader Warns of Possible Bitcoin ‘Lost Decade’ With No Crypto Bull Run Till 2030

Crypto Market Braces for Federal Reserve's Rate Decision: What Experts Say

Join our free newsletter for daily crypto updates!