A smart card includes an antenna to transmit and to receive a radio frequency signal, a rectifier to rectify a signal received through the antenna to output a rectified voltage, a voltage regulator to operate in a first operation mode for stabilizing a level of the rectified voltage and a second operation mode for generating an internal voltage using the rectified voltage, a regulator converter to control the voltage regulator to operate the voltage regulator in one of the first operation and the second operation according to a mode selection signal, a clamp circuit to connect an output terminal of the rectifier to a ground according to the mode selection signal, a load modulator to vary a resistance of the antenna to perform a load modulation, and a regulator controller to generate the mode selection signal according to whether the load modulator is activated or deactivated.