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Asian media reported: the South Korean authorities announced that they decided to tax airdrops and other free distributions of cryptocurrency tokens. According to the letter of the law, such a model will fall under the tax on profits on gifts. Users will be forced to pay to the state treasury from 10% to 50%, depending on the specific case.
This decision was made by representatives of the local Ministry of Strategy and Finance. Members of the organization said that any airdrop will be treated as a digital gift and, accordingly, be taxed. Recipients of free giveaways will be required to enter information about profits in a special declaration within three months after receiving cryptocurrency assets.
Such rules will apply to all types and models of obtaining free digital currencies, including airdrops, hard fork coins, bonuses, rewards and so on. Representatives of the authorities reported: this rule will come into force on September 1, 2022, unlike the basic law on taxation of profits from cryptocurrency transactions. It will become legitimate only on January 1, 2025.
The authorities said that they decided to take this step as part of strengthening the regulatory framework regarding the cryptocurrency sector.
At the same time, the lawyers did not rule out that in the future, certain models of airdrops will not communicate with taxes, because in the industry there are many different mechanisms for rewarding users. Some of them do not always promise potential profits to recipients.
Earlier, the editors of the Crypto.ru reported: analysts studied the market and spoke about the most promising airdrops of the industry in the period from August 15 to August 22. They identified the 3 most interesting projects that can potentially bring good profitability to their recipients: GIGCO, SendCrypto, Web3Metaverse.
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