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S Korean Regulator Says NFTs Aren’t Cryptoassets – and (Probably) Won’t Tax Them
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South Korea’s top financial regulator says that non-fungible tokens (NFTs) are not cryptoassets – and will likely exclude them from capital gains taxation.
The status of NFTs has recently fallen under scrutiny from MPs who have variously accused the government of being overly strict and lenient with its controversial crypto tax policies. A number of lawmakers have stated that it makes no sense that, for instance, bitcoin (BTC) investors will have to pay 20% capital gains tax on profits of USD 2,100 and above from January 1, 2022, while NFT traders will not need to pay a penny on their own profits.
But citing recently updated Financial Action Task Force (FATF) guidelines, a spokesperson for the South Korean Financial Services Commission (FSC)
Read more on cryptonews.comAbout this in other media
South Korean Draft Law Calls for Life Sentences for Crypto Market Manipulators cryptonews.com /3 years ago
Mixed messages on crypto tax rules create confusion in South Korea cointelegraph.com /3 years ago
South Korea financial authority rules that NFTs are taxable cointelegraph.com /3 years ago
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