- Advertisement -Newspaper WordPress Theme
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, might be taxed beginning subsequent yr. According to The Korea Herald, this tax regulation modification would impose a 20% tax on earnings from digital property that exceed 2.5 million gained ($2,102) as of Jan. 1, 2022.

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