Such a decision is governed by the gift and inheritance tax law.
According to the Ministry of Economy and Finance, recipients will pay a tax of 10 to 50% for a “gift” in the form of cryptocurrency.
It applies to all operations related to the accrual of cryptocurrency: receiving bonuses, airdrops, token sales, and so on.
Although the gains tax on virtual funds is launched in three years, the gift tax is already being practised.
Thus, a South Korean citizen who has received cryptocurrency is required to file an income declaration within three months.