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 12 months. According to The Korea Herald, this tax legislation modification would impose a 20% tax on revenue from digital belongings 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 can be categorized as digital belongings and due to this fact topic to “other income” taxes, referring to these used for funding or fee on a big scale. Tax authorities are accountable for defining the total scope of taxable NFTs.