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New tax on South Koreans on crypto airdrops

New tax on South Koreans on crypto airdrops

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Answer New tax on South Koreans on crypto airdrops

According to the latest reports, the Ministry of Strategy and Finance is looking to introduce a new gift tax on crypto asset distributions.

Earlier today, the ministry was responding to the interpretation of the tax law for freely convertible cryptocurrencies, and whether they could implement a tax on airdrops.

A spokesman for the Ministry of Finance said:

The free transfer of assets is a “gift” under the Inheritance and Gift Tax Act.

In this case, the gift tax will be charged to the third party to which the virtual asset is transferred free of charge.

Airdrops are very popular in the crypto space as the platform rewards holders of its native cryptocurrency.

Read:Analysis: Is it possible for Bitcoin to reach $37.5K before hitting $100K

Airdrops usually occur from an existing blockchain network, a new one, or while depositing digital assets on the blockchain for the first time.

Taxes on crypto airdrops are between 10 and 50%:

Quoting the tax authorities, the bulletin reported Informative In South Korea, taxes on capital gains from virtual assets will begin in 2025.

The granting of virtual assets will continue to be subject to current jurisdiction.

The gift tax in South Korea applies to all things of economic value that can be converted into money.

A person who is obligated to pay gift tax will have to file an application for gift tax within three months of receiving it.

Read:What is the impact of Bitfinex’s suspension of maintenance and upgrade work on the cryptocurrency market?

This can be anywhere between 10-50% of the total value of the gifts received.

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