South Korean Ministry of Finance: The value of cryptocurrency assets obtained from validation rewards is calculated based on the market price at the time of acquisition.

PANews reported on July 9 that the South Korean Ministry of Finance recently clarified that the acquisition cost of cryptocurrency assets obtained through participation in blockchain validation (i.e., validation rewards) should be calculated based on the market price at the time of acquisition. On July 9, the Ministry stated in a response on the National Tax Law Information System that if domestic companies cooperate with foreign platforms to participate in validation and generate new cryptocurrency assets and receive rewards, the value of these assets should be based on the market price at the time of acquisition.

This type of verification reward usually occurs in PoS networks, where users participate in block validation by staking cryptocurrency assets and receive additional cryptocurrency assets as a reward. The Ministry of Finance pointed out that the valuation of such assets should follow the relevant provisions of the (Corporate Tax Law Implementation Order), while also taking into account specific contract terms and the method of asset generation.