Editor's PiCK
MOEF: "Acquisition Value of Validator Virtual Assets to Be Calculated at Market Price at the Time"
Summary
- The Ministry of Economy and Finance announced that the acquisition value of virtual assets received as compensation for participating as a validator should be determined based on the market price at the time of acquisition.
- It was stated that the taxation basis for virtual assets received by domestic corporations through contracts with foreign corporations has become clearer.
- However, it was explained that one should comprehensively consider the specific contractual relationship, the method of generating virtual assets, and the manner of acquisition.
It has been interpreted that the acquisition value of virtual assets (cryptocurrencies) received as compensation for participating as a validator should be calculated based on the market price at the time of acquisition.
On the 9th (local time), the Corporate Tax Division of the Ministry of Economy and Finance stated through the National Tax Law Information System, "If a domestic corporation receives virtual assets as validator compensation under a contract with a foreign corporation that owns a virtual asset platform, the acquisition value of the virtual assets is determined based on the market price at the time of acquisition." Previously, the National Tax Service had inquired with the MOEF about how to calculate the acquisition value of virtual assets received as compensation for validator participation.
However, the MOEF added, "This matter should be judged comprehensively by considering specific contractual relationships, the method of generating the virtual asset, and the manner of acquisition."
Validating refers to participating in blockchain validation on a Proof-of-Stake (PoS) network, such as by staking virtual assets.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
