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InvestmentsSouth Korea financial authority rules that NFTs are taxable By Cointelegraph

South Korea financial authority rules that NFTs are taxable By Cointelegraph



South Korea’s Financial Services Commission, or FSC, introduced Tuesday that nonfungible tokens, or NFTs, can be taxed beginning subsequent yr. According to The Korea Herald, this tax legislation modification would impose a 20% tax on earnings from digital belongings that exceed 2.5 million received ($2,102) as of Jan. 1, 2022.

The FSC’s vice chairman Doh Kyu-sang specified that just some NFTs can be categorized as digital belongings and due to this fact topic to “other income” taxes, referring to these used for funding or cost on a big scale. Tax authorities are accountable for defining the total scope of taxable NFTs.