South Korea’s Financial Services Commission, or FSC, AnnouncementOn Tuesday, nonfungible tokens or NFTs will become subject to tax starting next year. The Korea Herald reports that the tax law amend would place a 20% tax upon income from virtual assets exceeding 2.5 million won ($2,102). This tax will take effect 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. The tax authorities determine the scope of NFTs that are taxable.