The Financial Services Commission of Korea and the Korea Financial Supervisory Service today announced new guidelines on how to include NFTs in the scope of the upcoming Virtual Asset User Protection Law. Previously, the financial authorities declared through the Implementing Order of the Virtual Asset User Protection Law that NFTs are not virtual assets. This principle has been retained, but in the case of NFTs, it actually has the characteristics of virtual assets, and they may be regarded as virtual assets. Businesses that issue NFTs (virtual assets) must report their business to the competent authorities as a virtual asset business.
The Financial Services Commission has published guidelines for NFTs containing such information. First, after the implementation of the Virtual Asset User Protection Act, NFTs that are generally traded for "content collection purposes" will be excluded from the scope of virtual assets. For NFTs with unclear boundaries, the application of the law depends on the substance of the NFT, determined in the order of "securities → virtual assets". First we look at whether an NFT is a security, and then we look at its essence to see if it is a virtual asset.
South Korea issues guidelines to define NFTs and virtual assets
2024-06-10 03:46:17
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