South Korean financial regulator noted that not all non-fungible tokens will be classifiedas virtual assets and taxed.
Financial Services Commission of South Korea (FSC)starting next year, will begin to tax transactions with non-fungible tokens (NFT). This was stated by FSC Deputy Chairman Doh Kyu San, Forkast News reports. According to Kyu Sang, NFT tokens will be taxed in accordance with the existing taxation rules for virtual assets.
The FSC noted that not all NFT tokens will beclassified as virtual assets and taxed. The regulator clarified that only NFTs issued in large circulation, as well as those intended for investment or payment, will be subject to tax.
From January 1, 2022, South Korea will enterthe force of an amendment to tax legislation that introduces a tax on transactions with cryptocurrencies. Residents of the country from next year will be obliged to pay a 20 percent tax on income from operations with digital assets in excess of 2.5 million Korean won ($ 2.1 thousand at the current exchange rate as of November 23).
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