Crypto Regulation

South Korea has just issued guidance to determine whether NFTs fall within the scope of their “Virtual Asset User Protection Act,” which will come into effect on July 19, 2024.

South Korea Sets Rules Regarding NFTs As Virtual Assets

outh Korea Sets Rules Regarding NFTs As Virtual Assets

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South Korea Sets Rules Regarding NFTs As Virtual Assets.png

 -South Korea has just issued guidance to determine whether Non-Fungible Tokens (NFTs) fall within the scope of their “Virtual Asset User Protection Act,” which will come into effect on July 19, 2024.

Previously, the “Virtual Asset User Protection Act Enforcement Regulations” categorized NFTs outside the scope of virtual assets. However, the new guidelines introduce a more nuanced approach.

 While the core principles remain unchanged, the guidance recognizes that certain NFTs may have characteristics of virtual assets and require regulation.

The guidelines outline three main characteristics that classify NFTs as virtual assets:

For NFTs that do not clearly exhibit the characteristics mentioned above, the guidelines propose a tiered approach to determine their classification.

Companies that issue NFTs with virtual asset characteristics need to register as virtual asset operators with the Korean authorities. This would bring them under the regulatory umbrella of the “Virtual Asset User Protection Act.”

These guidelines provide much-needed clarity for the growing South Korean NFT market. 

Businesses and investors can now operate with a better understanding of the regulatory landscape surrounding NFTs and their potential classification as virtual assets.

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South Korea has just issued guidance to determine whether Non-Fungible Tokens (NFTs) fall within the scope of their “Virtual Asset User Protection Act,” which will come into effect on July 19, 2024.