South Korea’s On-Chain Crypto Activity Hits $10.9B in 2023, Ranking 11th Globally

BitcoinWorld South Korea’s On-Chain Crypto Activity Hits $10.9B in 2023, Ranking 11th Globally South Korea’s potentially taxable cryptocurrency activity reached approximately $10.9 billion in 2023, placing the country 11th among nations analyzed in a recent Chainalysis report.

The data, released on August 31, provides a detailed look at the scale of crypto transactions that could fall under the country’s upcoming taxation framework.

Breakdown of South Korea’s Taxable Crypto Activity According to the Chainalysis “Crypto Tax Report,” which examined on-chain data from six major blockchains — Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, and Base — South Korea’s total potentially taxable activity comprised $2.0 billion in income, $3.2 billion in trading gains, and $5.6 billion in payments.

This breakdown highlights the diverse nature of crypto usage in the country, from investment returns to everyday transactions.