Cryptocurrencies account for 70% of the total overseas financial assets held by South Korean investors and corporations, according to the South Korea’s National Tax Service.
The agency revealed on Wednesday that the value of the crypto assets held in foreign accounts is over 131 trillion Korean won (US$97.9 billion).
This is based on an annual assessment of monthly tax filings from January to June this year.
The assessment also included crypto assets for the first time this year. South Korean residents and corporations who have more than 500 million won (US$372,939) worth of assets abroad are required to report them to the tax authorities.
The total value of the reported overseas financial assets of all types was 186.4 trillion won (US$139 billion), which is a 191.3% increase from last year.
The report showed that 1,432 retail investors and corporations own the majority of the overseas crypto assets.