Korea Financial Services Commission: Taxation on some NFTs will begin next year, and the scope of taxation is to be determined - Aliens: AI Crypto News & Markets Updates

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Korea Financial Services Commission: Taxation on some NFTs will begin next year, and the scope of taxation is to be determined

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Aliens

Tue, Nov 23, 2021

South Korea’s Financial Services Commission (FSC) said that it will start taxing some NFTs next year. It overturns the position of South Korea’s Finance Minister on the topic just announced last month. The taxable NFT scope has not yet been determined by the tax authority. FSC vice chairman Doh Kyu-sang stated in the National Assembly yesterday that the South Korean government believes that NFTs can be taxed in accordance with current regulations on virtual assets. He also added that the Ministry of Economy and Finance is currently preparing a taxation plan for NFT.

However, the FSC recognizes that not all NFTs should be taxed or classified as virtual assets. Financial authorities believe that large-scale issuance of NFTs intended for investment or payment needs to be classified as virtual assets and accordingly. At the Congress meeting that day, Doh said that the tax authorities will determine the scope of taxable NFTs in the future.

Last month, South Korean Finance Minister Hong Nam-ki stated that NFTs are not part of virtual assets and therefore will not be taxed next year. But he also believes that more discussions are necessary.

Source: Forkast

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