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South Korea to Tax NFTs 🖼
According to South Korea’s Financial Service Commission’s latest decision, the authorities will start taxing non-fungible tokens from the next year onwards.
The provision would imply a 20% tax on income from virtual assets that exceed 2.5 million won. It equals a little above $2,100.
However, the FSC has also specified that only some of the NFTs will be classified as NFTs for taxation purposes. The authorities will finalize the scope of all taxable NFTs eventually.
South Korea has initiated several crypto-regulation measures. The aim is to eliminate any scope of money laundering preemptively.
The authorities reviewed 25 exchanges according to its August guidelines and all were found to have been inadequately prepared.