South Korea has stated that digital asset airdrops may be subject to the gift tax currently in effect.
a local South Korean news agency. of Yonhap August 22 According to the news dated , South Korea has announced that the digital asset airdrops Inheritance and Gift Tax Law in accordance with a present can be accepted as
In the news, the government’s digital asset airdrops in which assets are transferred, in case of accepting it as a gift. from third parties gift tax will be reported. Although the studies have not yet been completed, in the current situation; free digital asset transactions, bonuses based on investment rate, gift assets based on ownership of certain digital assets, assets distributed after hard forks that create a new digital asset, and airdrops. It is announced that a consensus has been reached that it is a gift.
If airdrops are accepted as gifts in accordance with tax law, from the end of the month on the date of acceptance by the gift acceptor. 3 months declaration may be required. The amount of tax to be paid is in line with the material nature of the gift. 10% to 50% amounts may vary.
South Korea’s digital assets from buying and selling caused capital gain taxation studies to 2025 postponed. However, airdrops are covered by the Inheritance and Gift Tax Act currently in effect in the country. This government’s airdrops additional legislation to exclude tax reportedly needed.