NFTs are Taxable: South Korea

Financial Authorities of South Korea have ruled that they will be imposing Taxes on NFTs. The FSC regulatory board of South Korea is planning to rule taxes on NFTs after listing these as Virtual Assets.
Regulatory bodies and banks across the world and now including South Korea are coming closer and serious in the matters of Cryptocurrencies. Recently, India has opposed many private cryptocurrencies in India. And await the Crypto Bill to be passed in the Winter session.
South Korea and NFTs
According to local reports, the NFT space has now come under the radar of the FSC (Financial Services Commission). FSC plan to control down the gains and profits of the NFT sales, according to Vice Chairman Doh Kyu-Sang.

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