South Korea is to begin taxing crypto inherited or donated starting next year, even after delaying its plan to tax crypto gains until 2023. By JamieCrawleyCD
South Korea will begin taxing inherited or gifted crypto starting in 2022,While the country’s plan to tax income from virtual assets has been postponed until 2023, users will be required to pay a levy on assets that are inherited or donated.
The country’s tax authority announced Tuesday that it plans to evaluate the value of crypto assets across four service providers – Dunamu, Bithumb Korea, Korbit and Coinone – to determine the average price of the crypto the month before and after it is received. The National Tax Service will provide an “average daily price of virtual assets” on its online portal starting in March.
The delayed proposed taxation on crypto income would have levied a 20% tax on gains of over 2.5 million won in a one-year period starting Jan. 1, 2022. However, lawmakers from
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