South Korea Adds Cryptocurrency as Household Asset to Annual Financial Survey

The Korea Statistics Office (KOSTAT) will conduct a sample survey of cryptocurrency holdings of 20,000 households on March 31, but the results of the survey will not be released to the public. KOSTAT defines cryptocurrencies as virtual assets that are being traded on cryptocurrency exchanges, but does not investigate the types of cryptocurrencies being traded. The investigation was arranged in light of South Korea’s planned cryptocurrency taxation, which was initially proposed to be launched on Jan. 1 this year, but has been delayed until 2023. Statistics Korea's "Household Financial and Living Conditions Survey Report" is conducted annually to understand the general economic living standard by surveying each household's assets, liabilities, income, and expenses. The bureau will not classify cryptocurrencies as financial or physical assets because the state has yet to make a decision on their status as assets.