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18.11 - 08:19
How pop icons BTS made their way into the crypto tax debate in South Korea
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South Korea has been amidst a regulatory shake-up in the crypto sector. Meanwhile, the 1 January 2022 deadline for tax filings to include crypto earnings is soon approaching. It is a heated topic of debate considering the majority Democratic party wanted to push the legislation for 2023.
As per recent reports, K-pop band BTS has become a political “dynamite” in the tax debate.
Recently, lawmaker Noh Woong-rae has questioned if the tax law can incorporate upcoming NFTs by BTS, reflecting on the existing loopholes in the structure. He said,
“When no one can tax a single penny [on BTS NFTs], who will follow the government’s policy if it wants to tax only other virtual assets?”
So, like any other day on the internet, BTS is making headlines. And,
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