South Korea's tax office said today that taxpayers declared overseas cryptocurrency assets worth a total of 130.8 trillion won ($98.5 billion) this year after the country began requiring reporting of overseas crypto assets this year.
A total of 1,432 individuals and companies reported their overseas crypto holdings, the National Tax Service said in a statement.
The country requires Korean citizens with more than 500 million won in assets, including crypto, in foreign accounts to declare their assets, according to local news agency Yonhap.
The tax office said overseas crypto assets declared by Korean taxpayers accounted for 70.2% of the total value of reported foreign assets.
In June, South Korean lawmakers passed a law to better protect crypto investors. The new legislation, which consists of 19 crypto-related bills, gives the Financial Services Commission and the Bank of Korea the authority to supervise crypto exchanges and asset custodians.
The new bill also allows authorities to impose penalties in cases of unfair trading of virtual assets.
In July, the FSC said it would require domestic companies to disclose their cryptocurrency holdings from next year as part of new accounting rules.
The new rules will also require crypto issuers to disclose information including token details, business models and internal accounting policies.
*This is not investment advice.