Data from South Korean Tax Report Reveals Crypto Whales on Overseas Exchanges
A recent tax report in South Korea has unveiled information about numerous crypto whales who possess millions of dollars’ worth of coins on foreign crypto exchanges. New tax regulations now require crypto holders to disclose their holdings on international platforms. The National Tax Service (NTS) provided the data, which was anonymized before being made public. As a result, the NTS now possesses the identities of numerous high-value crypto holders.
Highlights from the Data
- 619 residents of Seoul declared a total of $6 billion worth of crypto holdings held overseas
- 325 individuals in Gyeonggi Province reported a total of $806 million worth of crypto holdings held overseas
- In Daegu, 45 people reported a combined total of $117 million
- In Incheon, 55 people reported a combined total of $99 million
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The data also revealed that people in their 30s had the highest amount of declared crypto holdings, with an average value of over $15.7 million held on overseas exchanges and wallets.
South Korean Crypto Whales Accumulating More Coins?
Prior to this year, South Korean law only required individuals and corporations with overseas assets exceeding $370,000 to report their holdings to the NTS. However, the new tax reporting system now includes cryptocurrencies. The NTS did not disclose specific details about the types of coins held or the platforms used by South Koreans to store their tokens.
The Importance of Accurate Reporting
MP Yang Kyung-sook emphasized the need for accurate reporting and preventing tax evasion related to virtual currencies. Yang stated that virtual currency-related data is expected to continue accumulating, and the NTS should actively encourage individuals and companies holding crypto to report their holdings faithfully.
Hot Take: South Korea’s Crypto Market Surges
In addition to the tax report, South Korea’s crypto market experienced significant growth in the first half of this year, reaching a total market cap of $21.1 billion. This surge highlights the increasing popularity and adoption of cryptocurrencies in the country.
