{"id":53454,"date":"2021-11-24T12:16:28","date_gmt":"2021-11-24T10:16:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53454"},"modified":"2025-09-03T15:11:59","modified_gmt":"2025-09-03T12:11:59","slug":"south-korea-hints-at-nft-tax","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-hints-at-nft-tax\/","title":{"rendered":"South Korea Hints at NFT Tax"},"content":{"rendered":"

South Korea’s financial regulator signaled possible taxation of non-fungible token (NFT) transactions, sending a mixed signal to the market, The Korea Herald<\/a> reports.<\/p>\n

According to FSC Deputy Chairman Do Kyu-san, the government could levy taxes in accordance with existing law. It classifies income from virtual asset trading as “other”.<\/p>\n

In early November, citing norms<\/a> FATF<\/span> stated<\/a>, that NFTs generally do not fall under the definition of virtual assets.<\/p>\n

According to the publication, the Ministry of Finance shares the same view.<\/p>\n

Experts fear that a shift in the FSC’s position could sow market confusion over taxation.<\/p>\n

\n

\u00abIn a situation where financial authorities contradict each other, participants in the virtual assets market will not be able to determine whether they should pay the tax\u00bb, said Pak Sun-jung, head of the Blockchain Research Center at Dongguk University.<\/p>\n<\/blockquote>\n

Since 1 January 2022, the country introduced<\/a> a capital gains tax on profits from virtual assets. The rate will be 20% on income above 2.5 million won (~$2,105).<\/p>\n

In the expert’s view, if authorities have decided to impose a similar tax on NFTs, they should apply to it the norms for real art assets. People selling physical artworks pay 22% on income above 60 million won (~$50,520), he noted.<\/p>\n

Recall, the government stood firm on the timelines<\/a> for cryptocurrency taxation. Lawmakers from both the ruling party<\/a> and the opposition<\/a> had sought to delay.<\/p>\n

Follow ForkLog news on Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s financial regulator signaled possible taxation of NFT transactions, sending a mixed signal to the market, The Korea Herald reports.<\/p>\n","protected":false},"author":1,"featured_media":53455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1213,974,558],"class_list":["post-53454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nft","tag-south-korea","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53454"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53454\/revisions"}],"predecessor-version":[{"id":53456,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53454\/revisions\/53456"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53455"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}