South Korea is considering imposing a tax of up to 50% on those, who receive crypto from airdrops. According to a local news outlet Yonhap News Agency, investors, who got crypto as a result of an airdrop or hard forks might be required to file a tax return not later than three months.
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The officials claim that the tax will be considered on a case-by-case basis, however, no guidelines were revealed on how the tax might be calculated. The timeline of the action remains unclear, as the country only plans to start taxing the cryptocurrency market by 2025.
The news comes after the Financial Services Commission (FSC) sanctioned Poloniex, KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, BTCEX, BTCC, DigiFinex and Pionex for offering services to Korean investors without any approval from authorities.
Besides sanctioning the firm in Korea, the FSC plans to report violations to the countries where sanctioned companies originate from.
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