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South Korea to Tax Crypto Gifts, Inheritances, Plans Crackdown on Manipulators
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The South Korean tax body has announced plans to start taxing crypto gifts and inherited tokens – although taxes will need to be paid in fiat using complicated-sounding methods. And Seoul has also announced that it will intensify its crackdown on crypto market manipulation.
According to KBS and the Donga Ilbo, the National Tax Service (NTS), the nation’s top tax body, has announced that as of January 2022, citizens will be obliged to pay tax on crypto they are either gifted or inherit from family members or acquaintances. The plan will be rolled out in spite of the fact that the National Assembly recently imposed a delay on crypto trading profits that means investors can trade tax-free until at least 2023.
In order to help taxpayers fulfill
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