Crypto Swaps Top 12 Trillion Won in South Korea

Crypto-based currency swaps in South Korea have exceeded 12 trillion won ($8.82 billion) over the past eight years, according to data from the Korea Customs Service.

Between 2018 and July of this year, 91 cases of virtual asset-based currency swaps totaling 12.14 trillion won were detected, representing 67 percent of the total 18.03 trillion won uncovered by the customs service during the same period.

The majority of foreign suspects identified in these cases held Chinese citizenship, with 27 out of 34 suspects being Chinese nationals, accounting for 79 percent.

Lawmaker Park Soo-young has expressed concerns that the government's framework for tracking overseas transaction data is insufficient ahead of the planned introduction of a virtual asset income tax next year.