Is South Korea A Crypto Nation? Citizens Declare Over $98B In Foreign Digital Assets

South Korea's taxation body revealed that this year, individuals and firms disclosed foreign cryptocurrency assets amounting to 130.8 trillion won ($98.5 billion).

This comes after South Korea mandated the declaration of foreign crypto assets, The Block reported.

Incorporating this into the broader context, discussions about the evolving landscape of digital assets will be a highlight at Benzinga's Future of Digital Assets conference on Nov. 14.

The National Tax Service mentioned that 1,432 entities, both individuals and businesses, have reported their foreign cryptocurrency holdings.

As per Yonhap, a local news outlet, South Korean citizens with foreign assets, including cryptocurrencies, exceeding 500 million won must declare them.

Interestingly, the declared foreign cryptocurrency assets represented a whopping 70.2% of the total disclosed foreign assets, as per the tax agency's data.

Earlier in June, the South Korean government introduced 19 legislative measures aimed at enhancing the protection of cryptocurrency investors.

This legislative package empowers both the Financial Services Commission and the Bank of Korea to supervise cryptocurrency-related businesses and those handling the assets.

Also Read: Cross-Chain Bridges: The New Money Laundering Hot Spot For Crypto Criminals

Additionally, the legislation paves the way for authorities to impose sanctions in instances of unjust virtual asset trading practices.

Furthermore, in July, the Financial Services Commission announced its intentions to make it mandatory for local firms to report their cryptocurrency assets starting next year, aligning with the introduction of new accounting standards.

These forthcoming regulations will also necessitate crypto issuers to provide comprehensive details, encompassing token specifics, operational strategies, and internal accounting procedures.

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