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In an official announcement on September 20, South Korea’s National Tax Service (NTS) <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 crypto during the current fiscal year. 
<h2 id="span-style-font-weight-400-crypto-holders-on-the-rise-in-south-korea-span">Crypto Holders on the Rise in South Korea</h2> 
The combined value of these reported cryptocurrency assets stands at an impressive 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; 
<h3 id="span-style-font-weight-400-5-419-entities-involved-span">5,419 Entities Involved</h3> 
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 encompass 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. 
Furthermore, cryptocurrencies stood out as the most substantial reported overseas assets when considering their reported value. However, when it comes to the sheer number of reports, deposits and savings accounts took the lead.&nbsp; 
<h2 id="span-style-font-weight-400-stocks-deposits-and-savings-accounts-data-span">Stocks, Deposits and Savings Accounts Data</h2> 
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.&nbsp; 
Additionally, there were 1,590 entities that reported possessing stocks with a total value of 23.4 trillion won, approximately $17.6 million. 
<h3 id="span-style-font-weight-400-south-korea-an-is-active-crypto-hub-span">South Korea an is Active Crypto Hub</h3> 
The NTS noted: “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.” 
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-has-become-an-important-investment-strategy-in-south-korea/">Crypto has Become an Important Investment Strategy in South Korea</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Crypto has Become an Important Investment Strategy in South Korea

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