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## South Korean Crypto Whales Revealed in New Tax Report

*Source: willyam/Adobe*

Data from a recently released South Korean tax report has provided insight into the crypto holdings of several high-value individuals. These individuals, commonly referred to as “crypto whales,” were found to have millions of USD worth of coins stored on overseas crypto exchanges. The release of this data was made possible by new tax regulations that require crypto holders to declare their holdings on foreign platforms.

The information was requested by MP Yang Kyung-sook and submitted by the National Tax Service (NTS). While the data has been anonymized to protect identities, it has allowed the NTS to identify hundreds of high-value crypto holders. Some noteworthy highlights from the data include:

1. 619 Seoul residents declared a total of $6 billion worth of crypto holdings held overseas.
2. 325 people in Gyeonggi Province reported a total of $806 million worth of crypto holdings held overseas.
3. In the southern city of Daegu, 45 people reported a combined total of $117 million.
4. In the port city of Incheon, 55 people reported a combined total of $99 million.

Interestingly, individuals in their 30s were found to have the highest amount of crypto holdings. On average, people in this age group reported holding over $15.7 million on overseas exchanges and wallets.

This new tax reporting system was put into place last year, expanding the requirement to include crypto assets. Previously, reporting only applied to cash, stocks, bonds, collective investment securities, and conventional derivatives. The NTS has not disclosed the specific types of coins being held overseas or the platforms where they are stored.

*Source: TUBS [CC BY-SA 3.0, edited]*

### How AI legalese decoder Can Help

Understanding and navigating tax laws, especially in the ever-evolving world of cryptocurrency, can be challenging. This is where AI legalese decoder can play a crucial role. By utilizing its advanced algorithms and machine learning capabilities, this AI-powered tool can assist individuals and corporations in comprehending the complex legal language associated with tax regulations.

The AI legalese decoder can provide user-friendly explanations of the new tax rules and help crypto holders comply with their reporting obligations. It can also identify potential areas of concern and provide guidance on how to report holdings on foreign crypto platforms accurately.

With the expectation that virtual currency-related data will continue to accumulate, the NTS can use AI legalese decoder to streamline and automate the reporting process. This will enable them to actively encourage individuals and companies holding virtual currency to report their assets faithfully, while also preventing potential instances of tax evasion.

*Source: Minseong Kim [CC BY-SA 4.0]*

MP Yang Kyung-sook emphasized the importance of preventing crypto-powered tax evasion. With the assistance of AI legalese decoder, the NTS can enhance their efforts in achieving this goal. By effectively utilizing this technology, South Korea can ensure greater transparency and compliance within their crypto market.

It is worth noting that earlier this month, financial regulators in South Korea announced a significant surge in the nation’s crypto market in the first half of the year, reaching a total market cap of $21.1 billion. As the crypto industry continues to grow, the effective regulation and taxation of these assets become essential, making AI-powered tools like legalese decoder invaluable resources for individuals and tax authorities alike.

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