Donated or Inherited Virtual Assets to Be Taxed by South Korea’s NTS – Taxes Bitcoin News

Starting in the year 2022, donated or inherited virtual assets will be assessed and taxed accordingly, South Korea’s National Tax Service has said. The new Virtual Asset Service Providers (VASPs), Dunamu and Bithumb Korea, Korbit, Coinone, are charged with the evaluation of digital assets to be taxed.

The Evaluating of Crypto Gifts is the Task Of Virtual Asset Service Providers

South Korea’s National Tax Service (NTS) recently announced that starting in 2022, digital assets that are inherited or donated will be taxed, a report has said. These digital assets will also be taxed on the average monthly amount, regardless of whether they are inherited or donated.

KBS released a report outlining the changes. It also listed the virtual asset service provider (VASPs), who are responsible for evaluating any property being inherited, donated or gifted. These VASPs are Dunamu and Bithumb Korea as well as Korbit and Coinone, according to the KBS report.

The Daily Average Price

The NTS, which explains how gifted and inherited virtual assets are evaluated is also quoted in this report.

Virtual assets on other exchanges will be evaluated at a fair value. This could include the daily average trading price or the closing market price.

In terms of taxpayers calculating the average monthly price, the report said an average daily price of virtual assets inquiry service tool “will be provided at Hometax [NTS site] from March next year.”

In this story, tags
Bithumb. Coinone. Crypto Donations. Digital Assets.

What are your thoughts on the Korean National Tax Service’s decision to tax inherited digital assets? Let us know what you think below in the comments.

Terence Zimwara

Terence Zimwara was a Zimbabwe Award-winning journalist and author. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine