Report Statistics on South Koreans holding cryptocurrency abroad may be inflated.
The total value of digital assets held by domestic businesses and individuals through foreign accounts is 131 trillion won ($96 billion), according to the National Tax Service.The research department of the South Korean cryptocurrency exchange Korbit found that the amount of overseas digital assets reported by domestic corporations and individuals to the National Tax Service may be inflated. \".According to Korbit Research Centre, the reported amount's significant value is likely exaggerated during the reporting process to the authorities.According to the study, foreign businesses are reportedly holding their cryptocurrency assets without being able to sell them, particularly after the 2017 boom in initial coin offerings (ICOs).According to a local media report, the research arm observed that if the holding amount is evaluated based on the market price created through self-trading, the value is inflated compared to the actual value.".The total value of digital assets held by domestic businesses and individuals through foreign accounts is 131 trillion won ($96 billion), according to South Korea's National Tax Service.According to the Korbit Research Center, 73 corporations own 120 trillion won, or 73% of this. It also stated that the 120 trillion won worth of corporate cryptocurrency holdings would be traded at artificially high prices to create a market price.Even if the corporation's actual holdings of foreign currency are worth one-tenth as much as they are stated to be, that still leaves a total of 12 trillion won. It can never be disregarded. Participants in the market travel abroad.According to the research center's analysis, market participants have fled domestically due to regulatory limitations on their ability to track transactions and strictly regulate derivatives.As a result, people increasingly turn to foreign companies to find services that meet their needs, according to Korbit Research.No matter how conservatively we consider the size of assets seeking needs that cannot be satisfied domestically, the minimum is 10 trillion won, which can also be seen as a 'national wealth outflow' due to illogical regulations.The study hypothesizes that domestic investors storing cryptocurrency assets in foreign accounts may be engaging in tax evasion. However, it's unclear whether they would voluntarily inform the National Tax Service of their holdings..
adminblog
The total value of digital assets held by domestic businesses and individuals through foreign accounts is 131 trillion won ($96 billion), according to the National Tax Service.
The research department of the South Korean cryptocurrency exchange Korbit found that the amount of overseas digital assets reported by domestic corporations and individuals to the National Tax Service may be inflated. \".
According to Korbit Research Centre, the reported amount's significant value is likely exaggerated during the reporting process to the authorities.
According to the study, foreign businesses are reportedly holding their cryptocurrency assets without being able to sell them, particularly after the 2017 boom in initial coin offerings (ICOs).
According to a local media report, the research arm observed that if the holding amount is evaluated based on the market price created through self-trading, the value is inflated compared to the actual value.".
The total value of digital assets held by domestic businesses and individuals through foreign accounts is 131 trillion won ($96 billion), according to South Korea's National Tax Service.
According to the Korbit Research Center, 73 corporations own 120 trillion won, or 73% of this. It also stated that the 120 trillion won worth of corporate cryptocurrency holdings would be traded at artificially high prices to create a market price.
Even if the corporation's actual holdings of foreign currency are worth one-tenth as much as they are stated to be, that still leaves a total of 12 trillion won. It can never be disregarded.
Participants in the market travel abroad.
According to the research center's analysis, market participants have fled domestically due to regulatory limitations on their ability to track transactions and strictly regulate derivatives.
As a result, people increasingly turn to foreign companies to find services that meet their needs, according to Korbit Research.
No matter how conservatively we consider the size of assets seeking needs that cannot be satisfied domestically, the minimum is 10 trillion won, which can also be seen as a 'national wealth outflow' due to illogical regulations.
The study hypothesizes that domestic investors storing cryptocurrency assets in foreign accounts may be engaging in tax evasion. However, it's unclear whether they would voluntarily inform the National Tax Service of their holdings.
.
_v2.jpg?#){kind=logo}
