Korea's FSC confirms that NFTs will not be regulated
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....
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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 […]
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....
The far eastern nation may again soon be at the forefront of the blockchain industry as its people are adopting NFT use at a tremendous rate. South Korea’s reputation as a trend-setter and leader in technological research is quickly spilling into the blockchain realm as nonfungible token (NFT) adoption has skyrocketed in the small East Asian country.As of 2020, South Korea has been among the top-10 countries in the world in the Global Innovation Index by the World Intellectual Property Organization. That level of innovation is made apparent to global retail consumers by tech giants such as....
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South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea (BOK) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency....