The Financial Services Commission (FSC) in South Korea has insisted that nonfungible tokens (NFTs) are not classified as virtual assets, and hence will not be regulated. The financial regulator said this in a public statement issued earlier today.
South Korea Decides ‘No Regulation’ For NFTs
FSC’s decision not to regulate NFTs follows shortly after reviewing the updated guidelines of the Financial Action Task Force’s (FATF). According to the Oct. 28 guidance report from FATF, NFTs or otherwise crypto-collectibles, depending on whatever characteristics they possess, will generally not be considered as Virtual Assets.
Speaking to a group of reporters about the decision on November 5, a representative from a branch of the FSC issued a statement. According to the official, South Korea will not be issuing regulations for NFTs because of the position of FATF on NFT regulation.
FSC is obviously focusing on the fact that FATF believes that NFTs are unique, rather than interchan
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