South Korea ranks 11th in potential taxable on-chain crypto activity at $10.9B

South Korea’s potential taxable cryptocurrency activity reached about $10.9 billion last year, ranking 11th among the countries analyzed, as debate continues ahead of the rollout of crypto taxation over tax standards and access to transaction data, according to a Chainalysis report cited by Newsis. According to the "Crypto Tax Report," released by Chainalysis on Aug. 31 based on on-chain data from six major blockchains including Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain and Base, South Korea’s potentially taxable on-chain activity last year totaled $10.9 billion, including $2.0 billion in income, $3.2 billion in trading gains and $5.6 billion in payments. Among the countries covered in the analysis, the U.S. ranked first at $112.6 billion, followed by Germany at $24.1 billion and China at $21.0 billion.