South Korea Plans to Introduce Tax on Airdrops and Staking
According to the Ministry of Strategy and Finance of South Korea, tokens received by residents of South Korea as a result of hard forks and airdrops, as well as staking rewards, will fall into the calculation of inheritance and gift tax.
The tax will be “levied on the third party that transfers the virtual asset for free.” The rate will be 10-50%. The law requires the recipient to file a tax return within three months of the operation.
The transfer of cryptocurrencies should be considered on a case-by-case basis, given the lack of regulatory clarity on the matter.
Officials have said:
“Whether a particular transaction with virtual assets is taxed depends on the specific situation. For example, whether it is a reward or whether the actual property and profits are transferred.”
