Inheriting Crypto on Korean Exchanges: What You Need to Know
As crypto ownership continues to grow in Korea, so do cases where someone passes away still holding digital assets. The first question families almost always ask is the same:
"Can we actually claim the crypto our loved one left behind on the exchange?"
The short answer is yes. The Korean National Tax Service treats virtual assets as part of a deceased person's taxable estate, and since 2022, the Inheritance and Gift Tax Act has included explicit provisions for valuing crypto assets. Coins held on domestic exchanges like Upbit and Bithumb are legally inheritable — heirs can claim them through the proper succession process.
That said, knowing you're entitled to something and actually getting it are two very different things.
What Counts as Inheritable Crypto
It's not just coins sitting in an exchange wallet. The deceased may have held digital assets in more forms than you'd expect:
- Coins held in accounts on Korean exchanges such as Upbit or Bithumb
- Major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH)
- Assets currently staked or locked in yield products
- Open or pending orders on exchange accounts
- Holdings spread across multiple exchanges
The first step is figuring out where the deceased held their assets and in what form — and that alone can be a challenge.
Why Korean Exchange Inheritance Is More Complicated Than It Sounds
Korean exchange accounts are registered under the account holder's identity and built around personal authentication. By design, no one else can log in or withdraw funds — not even a family member.
Upbit and Bithumb operate under different companies and handle inheritance requests differently. What works at one exchange may not fly at the other.
Things get significantly harder when any of the following apply:
- You didn't know the account existed or what was in it
- There are multiple heirs or the inheritance structure is disputed
- You can't access the phone number or authentication method tied to the account
- The deceased held assets across several different exchanges
Why This Is Hard to Handle on Your Own
Even when heirs contact exchanges directly, they often run into vague guidance, shifting requirements, and delays that stretch on for weeks or months. If co-heirs aren't cooperating, or you can't even confirm whether an account exists, it can feel impossible to move forward.
And while time slips away, legal deadlines don't wait.
Claiming inherited crypto isn't a customer service issue — it's a legal matter. You need to formally establish your standing as an heir before any exchange will release the assets.
The virtual asset team at Decent Law Firm has handled inheritance cases across Upbit, Bithumb, Coinone, and other Korean exchanges firsthand. If you're trying to recover crypto a family member left behind, reach out — we'll walk you through it from start to finish.
