The National Tax Service (NTS) of South Korea has revealed that 70% of the country’s overseas assets are in cryptocurrency.
According to an official statement, the country holds $98 million worth of crypto abroad, as reported by nearly 1,400 individuals and corporations.
The NTS said that out of the 186.4 trillion won ($140 million) in assets held by 5,419 entities in foreign financial accounts. The types of holdings included stocks, crypto, deposits, and savings.
Of the reported funds, 130.8 trillion won ($98 million) were in crypto.
South Korea’s crypto journey
The relationship between South Korea and cryptocurrency has been challenging. The country has experienced ups and downs in its crypto market, with tightening government regulations threatening a potential shutdown at one point.
The government’s presidential committee has called for robust crypto regulations to encourage mainstream adoption.
Despite the challenges, South Korea remains a hub for crypto activity. The country is home to one of the most active local crypto markets, with the largest exchange, UPbit, listing 111 cryptocurrencies. Compared to countries like the U.S, a significantly higher percentage of South Koreans have engaged in crypto transactions.
South Korea’s stance on crypto and active participation in the industry highlight its potential as a significant player in the global crypto landscape.