Korean parents are gifting cryptocurrency to minors at nearly triple the rate of last year, seeking out tax savings before tighter oversight takes effect.

More Korean parents are gifting cryptocurrency to their children ahead of tighter taxation and regulatory oversight. The value of virtual assets gifted to minors nearly tripled in just one year, according to National Tax Service (NTS) data on Tuesday.

“Giving Bitcoin when its price is relatively low could also provide tax savings,” a parent who gifted 20 million won ($14,900) worth of…