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South Korean court plans to apply estate and gift tax law to virtual asset valuations

2022/03/02 07:59

According to the sedaily, South Korean courts plan to evaluate and deal with virtual assets owned by bankrupt individuals or companies under the Estate and Gift Tax Act. It is reported that the virtual asset research group of the Seoul Bankruptcy Court in South Korea plans to release the "Guidelines for the Handling of Virtual Assets in Bankruptcy Cases" in the first half of this year. This is a guide to the handling of virtual currency that may occur in bankruptcy, including the definition of virtual assets, methods of inquiring virtual assets in bankruptcy events of individuals and legal entities, methods of evaluating virtual assets, and methods of virtual asset exchange rates, etc. In addition, in order to smoothly inquire about virtual assets, the research group is internally discussing plans to sign a memorandum of understanding (MOU) with the five major cryptocurrency exchanges in South Korea to expedite the investigation and disposal of the virtual assets of bankrupt debtors. In addition, the research team discussed a method to track and recover debtors who used hidden assets such as virtual assets and filed for false bankruptcy. However, this research does not imply that courts recognize virtual assets as monetary or financial assets.
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