New data finds that the amount of virtual assets that South Korean individuals and corporations declared to have in overseas accounts reached some 130 trillion won in June.

The National Tax Service announced on Wednesday that one-thousand-432 individuals and companies declared that they have 130-point-eight trillion won, or around 98 billion U.S. dollars, in assets in overseas virtual accounts in June, which is the month for reporting foreign accounts.

Reporting was done by South Korean residents and companies with virtual accounts with a value of over 500 million won for at least one day as of the end of every month between January and December of last year.

With the revisions to the Adjustment of International Taxes Act, from this year, it has become mandatory for individuals and corporations to declare overseas virtual accounts exceeding 500 million won in value. 

The agency found that a total of five-thousand-419 individuals and companies had declared a record of 186-point-four trillion won in assets held in virtual accounts overseas this year.

Compared to the same period last year, the number of people and companies that declared the assets grew by some 38 percent and the amount of virtual assets surged more than 191 percent.