South Korea's Ministry of Finance: Crypto assets obtained from verification rewards are calculated based on the market price at the time of acquisition

PANews reported on July 9 that the South Korean Ministry of Finance recently explained that the cost of obtaining crypto assets obtained by participating in blockchain verification (i.e. verification rewards) should be calculated according to the market price at the time of acquisition. On July 9, the Ministry of Finance stated in a reply to the National Tax Law Information System that if domestic companies cooperate with foreign platforms to participate in verification to generate new crypto assets and receive rewards, the value of these assets must be based on the market price at the time of acquisition.

This kind of verification reward usually occurs in the PoS network, where users participate in block verification by staking crypto assets and receive additional crypto assets as compensation. The Ministry of Finance pointed out that the valuation of such assets should follow the relevant provisions of the "Corporate Tax Law Implementation Order" and should be judged in combination with specific contract terms and asset generation methods.