South Korea Introduces a Tax on Crypto Airdrops

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.