In an official announcement on September 20, the National Tax Service (NTS) of South Korea <a href="https://www.nts.go.kr/nts/na/ntt/selectNttInfo.do" rel="noopener noreferrer nofollow">disclosed</a> that a substantial number of 1,432 individuals and corporations have reported overseas accounts involving cryptocurrency during the current fiscal year. 
<h2 id="span-style-font-weight-400-70-of-total-overseas-assets-in-crypto-span">70% of Total Overseas Assets in Crypto</h2> 
The combined value of these cryptocurrency assets stands at 130.8 trillion South Korean won, equivalent to around $98 million USD. Remarkably, this amount constitutes more than 70% of the total value of all disclosed overseas assets.&nbsp; 
As per the reports, the latest data reveals a comprehensive picture of overseas financial accounts, with a total of 5,419 entities reporting. These accounts include a wide range of assets, including cryptocurrencies, stocks, deposits, and savings. Collectively, the total reported value of these assets reaches a significant 186.4 trillion won, or approximately $140 million USD. 
<h2 id="span-style-font-weight-400-massive-crypto-adoption-in-south-korea-span">Massive Crypto Adoption in South Korea</h2> 
Furthermore, cryptocurrencies stood out as the highest reported overseas assets in South Korea when considering their reported value. However, when it comes to the sheer number of reports, deposits and savings accounts took the lead.&nbsp; 
A total of 2,952 individuals and businesses disclosed that they held deposits and savings accounts, with a combined value of 22.9 trillion South Korean won, equivalent to $17 million. Additionally, there were 1,590 entities that reported possessing stocks with a total value of 23.4 trillion won, approximately $17.6 million. The NTS noted:&nbsp; 
<blockquote> 
 “In order to respond to the risk of potential tax base erosion through virtual assets, tax authorities around the world, including the National Tax Service, are preparing to exchange information in accordance with the Information Exchange Reporting Regulations.” 
</blockquote> 
<h3 id="span-style-font-weight-400-south-korea-tackling-its-crypto-regulation-issues-span">South Korea Tackling its Crypto Regulation Issues</h3> 
Being an active hub for cryptocurrency trading, <a href="https://thecoinrise.com/south-korean-to-partner-top-crypto-exchanges-for-increased-surveillance/" rel="noopener noreferrer nofollow">South Korea is trying to tackle</a> its surveillance 
issues which can be linked with North Korea that is infamous for its extensive cyber-infiltration operations. The latter has increasingly shifted its focus toward cryptocurrencies as a means to <a href="https://thecoinrise.com/un-reports-highest-crypto-theft-by-north-korean-hackers-in-2022/" rel="noopener noreferrer nofollow">evade international sanctions and finance its weapons programs.</a> 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/crypto-constitutes-70-of-total-overseas-assets-in-south-korea-details/">Crypto Constitutes 70% of Total Overseas Assets in South Korea: Details</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Crypto Constitutes 70% of Total Overseas Assets in South Korea: Details

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