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South Korea FSC reiterates stance on non-regulation of NFTs
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South Korea’s Financial Services Commission (FSC) is currently trending in the news after reiterating that non-fungible tokens (NFT) will not be regulated since these are not virtual assets. In spite of regulatory ambiguity, the NFT marketplace in South Korea has boomed over the years.
The confirmation of the decision to keep NFTs unregulated came after a review of the Financial Action Task Force’s (FATF) updated guidelines. An official from the Financial Intelligence Unit (FIU) under the Financial Services Commission said (on the basis of anonymity),
“NFTs are not regulated. It is interpreted that the Financial Services Commission, which was reviewing whether the NFT is a virtual asset, is sticking to the existing position that it did not
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