Data from South Korea’s latest tax report has revealed the identities of hundreds of crypto whales, with millions of US dollars worth of coins held on overseas crypto exchanges. The new rules, which came into effect this year, require crypto holders to declare any holdings on foreign platforms.
The data was requested by MP Yang Kyung-sook of the National Assembly’s Planning and Finance Committee and submitted by the National Tax Service (NTS). It was made public after being anonymized, showing that the NTS now has the identities of hundreds of high-value crypto holders.
According to the Economist, 619 Seoul residents declared a total of $6 billion worth of crypto held overseas, while 325 people in Gyeonggi Province reported holding a combined value of $806 million. Other highlights include 45 people in Daegu city declaring $117 million, and 55 people in Incheon’s port city reporting $99 million. People in their 30s reported the highest amount of crypto holdings, with an average of over $15.7 million held on overseas exchanges and wallets.
South Korean law requires individuals and corporations whose overseas assets exceed $370,000 to report details to the NTS. This includes cash, stocks, bonds, collective investment securities, derivatives, and now crypto. However, the NTS has not revealed further details about the kind of coins held overseas or the platforms they are held on.
Yang stated:
“We expect virtual currency-related data to continue to accumulate. The NTS must actively encourage [individuals and companies] who hold virtual currency to report faithfully and take measures to prevent tax evasion.”
The South Korean crypto market has seen a surge in the first half of the year, according to financial regulators, with a total market cap of $21.1 billion.
