Yonhap News TV

Taxes on NFTs? Government, belatedly, “It’s right for taxation”

[앵커]

These days, you may have heard the story of making money by investing in non-fungible tokens, so-called NFTs.

The government that taxed cryptocurrency from next year was lukewarm about NFT, but recently changed its position.

Although financial technology development is too fast, some critics say that the pace the authorities are following is a tortoise step.

Correspondent Seong-mi Cho.

[기자]

NFT, a non-fungible token that authenticates the original using blockchain technology, has already established itself as a major investment target in the arts and entertainment markets.

If you make a profit from an investment, you can be taxed, but until recently, the government was lukewarm about taxing the profits earned from NFTs.

“NFT is still controversial as to whether it is included in virtual assets, and not yet. There is a request for inclusion, so it is being reviewed.”

This position has changed.

Even under the current law, NFTs could be taxed if they were used as a means of payment or investment.

It is interpreted to be conscious of the controversy over why NFT is subtracted, although it is the same to make profit using virtual currency, NFT, or virtual assets.

As the NFT case shows, the technology changes rapidly and the number of users soars, and the policies of the authorities cannot keep up with this pace.

“It is true that regulations and legal preparations are far behind, and it is not easy to understand what laws a new service should be regulated by.

Meanwhile, the financial authorities have begun drafting a decree that imposes imprisonment of up to five years or a fine of up to five times the amount of unfair profits for unfair trading practices of virtual asset operators.

In addition to virtual currency and NFT, virtual assets subject to punishment include decentralized financial transaction technology DeFi products and security tokens.

This is Yonhap News TV Cho Sung-mi.

Yonhap News TV Article Inquiries and Reports: KakaoTalk/Line jebo23

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