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Korea's FSC confirms that NFTs will not be regulated
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The Financial Services Commission (FSC) in South Korea reaffirmed in a public statement today that nonfungible tokens (NFT) are not virtual assets, and will not be regulated.
The confirmation of the decision to keep NFTs unregulated came after a review of the Financial Action Task Force’s (FATF) updated guidelines. The October 28 guidance report from FATF states that “NFT, or crypto-collectibles, depending on their characteristics are generally not considered to be [Virtual Assets].”
On November 5, an official from a branch of the FSC said in a statement to reporters:
Korea’s financial regulator focused on the fact that FATF considered NFTs to be “unique, rather than interchangeable,” — which is of course the definition of nonfungible — and
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