The National Taxation Agency of South Korea stated that starting from 2022, virtual assets donated or inherited will be assessed and taxed accordingly. Dunamu, Bithumb Korea, Korbit and Coinone are new virtual asset service providers (VASP) whose mission is to evaluate digital assets for such tax purposes.

Virtual asset service provider responsible for evaluating encrypted gifts

According to a report, the National Tax Service (NTS) of South Korea recently announced that starting from 2022, it will impose taxes on inherited or donated digital assets. It added that such digital assets will be taxed on the average monthly amount before and after the date of inheritance or donation.

In KBS Report In explaining the upcoming changes, the tax authority also revealed the virtual asset service provider (VASP) responsible for evaluating the property being inherited or donated. According to reports, these VASPs include Dunamu, Bithumb Korea, Korbit and Coinone.

Get daily average price

At the same time, NTS was cited in the report to explain how to complete the process of evaluating talent or inherited virtual assets.

We plan to evaluate virtual assets traded on other exchanges with a reasonably recognized value, such as the average daily price announced by the operator or the market price announced at the close of the market.

In terms of taxpayers’ calculation of the monthly average price, the report stated that Hometax will provide a tool for querying the daily average price of virtual assets. [NTS site] From March next year. “

What is your opinion on the decision of the Korean National Taxation Agency to impose taxes on inherited digital assets? Tell us what you think in the comments section below.

Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer from Zimbabwe. He has written a lot of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.