Rich Korean individuals and companies held W131 trillion worth of cryptocurrencies in overseas accounts last year (US$1=W1,330). This is the first time the size of their foreign crypto assets has been tallied under new mandatory reporting introduced this year. Previously, Koreans were required to report foreign financial assets of over W500 million, but that was expanded to include crypto assets in June this year. Violators can be fined up to 20 percent of their undeclared assets. People in their 30s made up the biggest proportion of wealthy crypto owners with an average of W12.38 billion in accounts abroad. Overall, a total of 5,419 rich Koreans reported financial assets in overseas accounts, and their combined assets stood at W186.4 trillion, the National Tax Service said Wednesday. That is the biggest amount since 2011. Under the new regulations, 1,432 people have now reported overseas crypto assets worth W130.8 trillion, accounting for a whopping 70.2 percent of the total.
Rich Koreans Own W131 Trillion in Cryptocurrencies Abroad – The Chosun Ilbo (English Edition): Daily News from Korea – National/Politics > National
