Korean National Tax Service: Due to the rise in crypto assets, the amount reported in overseas financial accounts increased by 46% compared to last year.
According to a report by Jinse Finance, data from the Korean National Tax Service on the 26th shows that a total of 6,858 people declared overseas financial accounts amounting to 94.5 trillion Korean won this year. Compared to last year, the number of declarants increased by 1,901 (an increase of 38.3%), and the declared amount increased by 29.6 trillion Korean won (an increase of 45.6%). The National Tax Service analyzed that the increase in declarations this year was due to the rise in the value of crypto assets, leading to an increase in the number of virtual asset declarations, as well as a growth in the declared amount of stock accounts. Since 2023, crypto asset accounts have been included as declarable items. This year, the number of declarants for crypto asset accounts increased by 1,277 compared to last year, reaching 2,320, with a total declared amount of 11.1 trillion Korean won. Declarations of virtual asset accounts accounted for 27% of the total number of declarants and 12% of the total declared amount.
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