South Korea Whale: Millions in Crypto Overseas Holdings

South Korea Whale

: Seoul, South Korea Residents Declare 8 Trillion Won in Overseas Virtual Assets, Averaging $9.667M Per Person

Let me elaborate on the content of the article related to the declaration of overseas virtual assets.

– 619 Seoul residents declared their overseas crypto assets to the National Tax Service, with a total of 8.13 trillion won ($8.362 billion) and an average of 13.1 billion won($9.667M) per person. That’s a lot of money.

– Until December 2021, individuals and corporations were required to report to the tax authorities if the balance of their overseas financial accounts exceeded 500 million won, and now virtual assets are included. This shows that the crypto market is becoming increasingly important.

– Seoul residents’ declarations of overseas virtual assets accounted for 78% of all individual declarations, and the Seoul region has the largest amount of virtual assets. Seoul has a very important position in the crypto market.

 

30s had the highest amount of declarations

– By age, those in their 30s had the highest amount of declarations, followed by those in their 20s and younger, 40s, and 50s, and the highest per capita declarations. This information helps us understand the nature of the virtual asset market.

– Gyeonggi-do has the second largest number of declarations, with 325 residents declaring overseas virtual assets, and Chungcheongbuk-do is the only province other than Seoul and Gyeonggi to rank third with more than 200 billion won in declarations. This information is useful for understanding the regional distribution of the virtual asset market.

– According to the article, this data on virtual asset declarations is expected to accumulate more information on virtual assets in the future, and the National Tax Service should encourage virtual asset holders to make sincere declarations to prevent tax evasion. This information plays an important role in increasing the transparency of the cryptocurrency market.

“We look forward to the continued accumulation of data on virtual assets, starting with the first overseas virtual asset declaration this year,” said Representative Yang Kyung-sook. “The National Tax Service should actively encourage holders of virtual assets to make sincere declarations and thoroughly prevent tax revenue erosion through virtual assets.”

 

Next, let’s take a closer look at Seoul.

As a strong economic center, the Seoul region has significant influence in the South Korean economy. As the capital and largest city of South Korea, Seoul is a major financial, business, cultural, political, and educational center in the country. As a result, Seoul and its metropolitan area have a high concentration of economic activity and companies compared to other regions.

 

Seoul is characterized by the following

– Economic center: Seoul is the core of the South Korean economy, with a high concentration of major corporate headquarters, financial institutions, and major shopping areas. This contributes significantly to its economic development.

– Infrastructure and transportation: Seoul is home to an international airport, major seaports, and a rail network, making transportation and logistics easy and providing a favorable business environment for companies.

– Dense population: Seoul is one of the most densely populated areas in South Korea, with a large consumer population. This provides a large market for businesses.

– Government and international institutions: South Korea’s central government and various international institutions are located in Seoul, and it is known as the center of political and international events.

– Education and research: Seoul is home to some of the country’s top universities and research institutions, making it a hotbed of talent development and research. This contributes greatly to the economic development of the region.

For these reasons, Seoul is the center of South Korea’s economic and cultural life, with a relatively high concentration of economic activity and businesses. This means that Seoul and the metropolitan area have a number of advantages over other parts of the country, including more employment opportunities, higher income levels, and excellent educational opportunities.

 

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