South Korea to Tax Inherited, Gifted Crypto Starting Next Year: Report

The country has postponed a general income tax on virtual assets until 2023.

AccessTimeIconDec 31, 2021 at 12:50 p.m. UTC
Updated Jan 3, 2022 at 8:10 p.m. UTC
Neha Narula
Director
Digital Currency Initiative
Neha will join CoinDesk's Michael Casey for "Remember Why We're Here: Crypto's True Purpose."
Neha Narula
Director
Digital Currency Initiative
Consensus 2023 Logo
Neha will join CoinDesk's Michael Casey for "Remember Why We're Here: Crypto's True Purpose."

Jamie Crawley is a CoinDesk news reporter based in London.

Neha Narula
Director
Digital Currency Initiative
Neha will join CoinDesk's Michael Casey for "Remember Why We're Here: Crypto's True Purpose."
Neha Narula
Director
Digital Currency Initiative
Consensus 2023 Logo
Neha will join CoinDesk's Michael Casey for "Remember Why We're Here: Crypto's True Purpose."

South Korea will begin taxing inherited or gifted crypto starting in 2022, according to a report by KBS News.

  • 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 (US$2,122) in a one-year period starting Jan. 1. However, lawmakers from both the ruling and opposition parties opted to delay this with one eye on the presidential election in March, according to local analysts.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.


Read more about