South Korea’s Financial Services Commission, or FSC, AnnouncementNonfungible tokens (or NFTs) will start to be taxed next year on Tuesday. The Korea Herald reported that the amendment to tax law would apply a 20% tax to income earned from virtual assets above 2.5 million won (about $2,102) starting January 1, 2022.

The FSC’s vice chairman Doh Kyu-sang specified that only some NFTs would be categorized as virtual assets and therefore subject to “other income” taxes, referring to those used for investment or payment on a large scale. It is up to the tax authorities to define all taxable NFTs.