South Korea financial authority rules that NFTs are taxable
Korean lawmakers plan to impose taxes on NFTs after classifying them as virtual assets. South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102) as of Jan. 1, 2022. The FSC’s vice chairman Doh Kyu-sang specified that only some NFTs would be categorized as virtual assets and therefore subject to “other income” taxes, referring to those used for investment or payment on....
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Amid the ongoing controversy surrounding virtual asset taxation in the country, South Korea’s Financial Authority recently proclaimed non-fungible tokens (NFT) as taxable. On Tuesday, The Financial Services Commission (FSC) of South Korea, announced that it would start taxing NFTs. According to The Korea Herald, from January next year, this tax law amendment would impose a […]
The Monetary Authority of Singapore (MAS), Singapore’s central bank, has collaborated with yet another Asian country, within days of partnering with an Indian state government over exploring and developing blockchain technology and Fintech. The primary monetary authority in Singapore and the Korean Financial Services Commission (KFSC) – an authority of the same stature in South Korea – will cooperate over Fintech, exploring joint innovation projects with a focus on big data and mobile payments. “This agreement lays the groundwork for deeper FinTech collaboration between Singapore and South....
The recent FATF updated guidance made it easy for regulators to pass on issuing new rules for NFTs. The Financial Services Commission (FSC) in South Korea reaffirmed in a public statement today that nonfungible tokens (NFT) are not virtual assets, and will not be regulated.The confirmation of the decision to keep NFTs unregulated came after a review of the Financial Action Task Force’s (FATF) updated guidelines. The October 28 guidance report from FATF states that “NFT, or crypto-collectibles, depending on their characteristics are generally not considered to be [Virtual Assets].”On....
Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....
Financial regulators in South Korea have launched a new digital currency task force, with an eye to introduce new regulations for exchanges by early next year. The Financial Services Commission convened the first meeting of its new task force this week, and the agency is planning additional hearings over the next few months. Other government bodies represented on the task force include the the Ministry of Strategy and Finance and the Financial Supervisory Service. The Bank of Korea, the country’s central bank, is also involved in the initiative. Up for discussion, the FSC said, is which....