South Korea's National Tax Bureau published a report showing that the declared cryptocurrency assets of Korean companies and individuals reached a staggering $98.3 billion.
92% of these assets are held by 73 companies, including stock exchanges.
Despite this significant level of assets, South Korean authorities have not yet taxed virtual asset gains, with taxation postponed until January 2025.
Virtual assets accounted for more than two-thirds of the value held in registered offshore accounts in South Korea this year. This comes after the National Tax Service (NTS) added these assets to the list of assets subject to mandatory registration.
Taxpayers or companies with foreign financial accounts in South Korea are required to file a report if the total balance of the accounts exceeds 500 million won on the last day of any month of the previous year.
However, Upbit accounts for a significant portion of the country's cryptocurrency transaction volume. Upbit had recently surpassed Coinbase to become the second largest cryptocurrency exchange in the world.
Here are the altcoin trading pairs and volumes with the highest trading volume on Upbit in the last 24 hours:
- Immutable (IMX/KRW) – $251 million
- Ark (ARK/KRW) – $228 million
- Loom Network (LOOM/KRW) – $205 million
- Dawn Protocol (DAWN/KRW) – $153 million
- Bitcoin (BTC/KRW) – $99 million
- IQ (IQ/KRW) – $89 million
- XRP (XRP/KRW) – $84 million
- Refereum (RFR/KRW) – $57 million
- Carry (CRE/KRW) – $44 million
- Mask Network (MASK/KRW) – $44 million
*This is not investment advice.