South Korea exploring ways to levy tax on NFTs

  • South Korea is exploring ways to tax non-fungible tokens amid controversies surrounding crypto regulations in the country.
  • Doh Kyu-sang, the vice chairman of South Korea’s Financial Services Commission revealed the information to the media this week, The Korea Herald reported.
  • As per the South Korean law, certificate holders of virtual assets need to pay 20 percent tax on the income that exceeds $2,102 from selling the assets, such as NFT artworks of a famous artist, the report by The Korea Herald explained.
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