The ruling Democratic Party of Korea (DPK) is planning to issue non-fungible tokens (NFTs) for fundraising in a presidential election, the Korea Times has learned.
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According to report, the DPK will issue NFTs featuring Lee Jae-myung, the nominee of the centrist-liberal Democratic Party in the 2022 South Korean presidential election. The party says the NFTs will serve as a "kind of bond" so that their owners can exchange the digital assets with other individuals.
Last November, South Korea's Financial Services Commission (FSC) announced it will start taxing transactions with non-fungible tokens (NFTs) from 2022. According to FSC Vice Chairman, Doh Kyu-sang, NFT tokens will be taxed according to the current tax rules for virtual assets. Only NFTs issued on a large scale and intended for investment or payment will be subject to taxation.
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