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

On November 23, the South Korean Financial Services Commission (FSC) stated that it will start taxing some NFTs next year, and the scope of taxable NFTs has not yet been determined by the tax authorities. FSC vice chairman Doh Kyu-sang stated in the National Assembly yesterday that the South Korean government believes that NFTs can be taxed under the current virtual asset regulations. The Ministry of Economy and Finance is currently preparing a taxation plan for NFTs. 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 taxed accordingly. At the Congress meeting that day, Doh said that the tax authorities will determine the scope of NFT taxation in the future. (Forkast)