Although South Korea has delayed its plan to tax income from digital assets until 2023, users will have to pay a tax on crypto assets they inherit, donate and gift.
South Korea will tax inherited, gifted and donated cryptos from 2022, KBS News reported.
The country’s tax authority said in a statement that the value of crypto assets will be evaluated together with four service providers (Dunamu, Bithumb Korea, Korbit and Coinone) and an average of the price before and after the purchase of the crypto will be taken.
The tax agency will share the average daily price of digital assets with users online from March.
According to South Korea’s deferred tax plan, there is a 20% tax on earnings over 2.5 million won (US$ 2,122) in a one-year period from January 1, 2022. However, the lawmakers of both the ruling party and the opposition parties agreed to postpone this practice until 2023.
