By Kang Yoon-seung
The National Tax Service (NTS) reported Wednesday that the total amount of overseas cryptocurrency assets declared this year was 131 trillion won (US$98.4 billion), following the introduction of mandatory reporting requirements this year.
The combined amount of overseas assets reported, including cash and securities, skyrocketed to 186.4 trillion won, a record high compared to the 64 trillion won from the previous year, according to the NTS.
1,432 people and companies reported their cryptocurrency assets in overseas accounts, the agency added.
In terms of country, the United States was the most popular destination for South Korean companies, followed by Japan and Britain. For individuals, the U.S. was the top choice, followed by Singapore and Hong Kong.
However, the breakdown by destination does not include cryptocurrency assets due to the difficulty in accurately tracking their geographical location on exchange platforms.
Under the tax law, South Korean nationals who hold more than 500 million won in foreign financial accounts in any type of assets are required to report to the authorities in June or face a fine of up to 20 percent of their undeclared money.
colin@yna.co.kr
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