Autonomous Party (DP) presidential candidate Lee Jae-myung prepares to use nonfungible tokens (NFTs) to raise funds for his campaign.

The party volition issue NFTs to those who donate money for the entrada for the upcoming presidential elections. The NFTs will contain images of the candidate and his pledges.

In an interview with Yonhap News, campaign official Kim Nam-kook said the party is doing this to appeal to the younger generation.

"Every bit the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could entreatment to them," said Nam-kook.

The DP also points out that it is exploring new ways to utilize new technologies, including using NFTs in campaigns and accepting crypto donations.

Just recently, another member of the DP also appear that he would exist accepting donations in crypto. Representative Lee Kwang-jae mentioned that he would take crypto donations in mid-January.

"Information technology is high time that we undertake innovative experiments to enhance our understanding of these hereafter technologies and change perceptions of digital currencies and NFTs," wrote Lee.

Aside from this, Lee underscored that politicians should exist leaders in embracing digital transformation. He noted that policies and laws fail to catch up to digital developments.

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Meanwhile, the South Korean Financial Services Commission announced back in early Nov that NFTs would not be regulated. However, a few weeks subsequently, the FSC backpedaled past announcing that NFTs would be taxable in Jan 2022.

The law subpoena will crave a 20% tax payment on digital asset income that goes in a higher place 2.5 million won ($2,100). Nonetheless, the implementation of the tax was delayed for i yr due to flaws pointed out by the DP.