South Korea’s tax agency recently revealed that taxpayers have declared overseas cryptocurrency assets worth 130.8 trillion won ($98.5 billion) this year. This is a significant increase from the previous year’s figures, indicating the growing importance of cryptocurrencies in the country’s financial landscape.The National Tax Service outlined an increase in the total reported amount of overseas assets, including cash and securities, to a record high of 186.4 trillion won. This figure is an increase from the previous year’s 64 trillion won. It also revealed that 1,432 individuals and companies complied with the new regulation by reporting their overseas cryptocurrency holdings.Overseas cryptocurrency assets represent a significant portion of the total value of foreign assets declared, making up 70.2% of the total. This highlights the increasing influence of digital currencies on the nation’s wealth portfolio.Regarding the geographical distribution of overseas accounts, South Korean companies favored the United States as the top destination, followed by Japan and Britain. Regarding individuals, the United States was also the preferred location, with Singapore and Hong Kong as the subsequent choices.South Korean lawmakers introduced cryptocurrency-related bills in June to improve investor protection and regulatory oversight. These 19 bills give the Financial Services Commission and the Bank of Korea the power to regulate cryptocurrency operators and asset custodians, making the regulations easier to understand. Additionally, the new legislation empowers authorities to enforce penalties for unfair trading practices involving virtual assets.The Financial Services Commission has also revealed plans to introduce new accounting rules that will require domestic companies to disclose their cryptocurrency holdings starting next year. These regulations will necessitate transparency regarding cryptocurrency assets and require issuers to disclose comprehensive information, including token details, business models, and internal accounting policies.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇯🇵 🇸🇬 🇭🇰 |
| Sentiment | neutral |
| Relevance Score | 10 |
| People | None |
| Companies | PrimeXBT, Bank of Korea, Binance, Financial Services Commission, National Tax Service |
| Currencies | None |
| Securities | None |
