A recent report highlights that South Korean individuals and corporations hold a substantial 130 trillion won in virtual assets (coins) in overseas exchange accounts and wallets. Notably, individuals under 30 account for 8.3 trillion won, constituting 80 percent of the total holdings. The National Tax Service observed a significant increase in the number of people reporting overseas financial accounts this year, with 5,419 individuals disclosing a total of 186.4 trillion won, marking a substantial 191.3 percent increase from the previous year. This surge can be attributed to incorporating overseas virtual asset accounts into reporting requirements following a late 2020 law revision.

Furthermore, 1,432 individuals and corporations reported their overseas virtual asset account balances for the first time this year, amounting to 130.8 trillion won. This figure surpasses the combined assets in other overseas financial accounts such as savings, stocks, and funds, which total 55.6 trillion won. Corporations accounted for 92.0 percent of the reported virtual asset accounts, totaling 120.4 trillion won, while individuals reported 10.4 trillion won. Among individuals, those in their 30s held the most virtual assets, with 6.8 trillion won. The National Tax Service plans to rigorously investigate and take action against those suspected of undeclaring overseas financial accounts, which may include fines, criminal charges, and tax collection measures.

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