The National Tax Service of South Korea plans to release a virtual asset taxation standard announcement in November

According to a report by the Korean News Agency, the Commissioner of the National Tax Service of Korea, Lim Kwang-hyun, stated during a National Assembly Finance, Economy, and Planning Committee inspection that the National Tax Service is preparing to announce taxation standards for virtual assets in November.

Lim Kwang-hyun pointed out that the taxation standards for transaction types such as airdrops, hard forks, staking, and decentralized finance (DeFi) focus more on the economic substance rather than the form of the transaction, with whether it is a transfer or a loan being the key determining factor. If airdrops and hard forks have the nature of a transfer or loan, they should be considered taxable objects, while some details regarding staking still need to be discussed with the Ministry of Economy and Finance.