Crypto tax can wait, free coins can’t: S. Korea mulls ‘gift tax’ for airdrops

Cointelegraph

Published Aug 22, 2022 04:16AM ET

Updated Aug 22, 2022 07:20PM ET

The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a gift tax under the Inheritance and Gift Tax Act despite the postponement of crypto gains tax to 2025.

Cryptocurrencies are officially referred to as part of virtual assets under South Korean law.

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