South Korean Overseas Crypto Holdings Slump Amid Price Declines

The National Tax Service (NTS) of South Korea has reported that the value of overseas cryptocurrency holdings declared by residents and domestic corporations fell to 10.5 trillion won ($7.6 billion), a decline of 5.4% from last year's 11.1 trillion won.

This drop is attributed to a broader downturn in cryptocurrency prices during the reporting period, which reduced the market value of holdings despite an increase in filers.

The number of filers rose by 1.8%, reaching 2,362 this year, up from 2,320 last year. This divergence suggests that while more individuals and companies are complying with reporting requirements, the market value of their holdings has contracted.