Korea excludes NFTs from first cryptocurrency law

Full story: https://grafa.com/news/korea-excludes-nfts-from-first-cryptocurrency-law-234079

Korea's forthcoming cryptocurrency law, effective from mid-July, will not cover non-fungible tokens (NFTs), marking a significant exclusion from regulatory oversight.

The decision, guided by the Financial Services Commission (FSC), is based on NFTs' perceived low risk to users and their role primarily as collectibles rather than tradable assets.

However, NFTs serving as virtual assets in practice will still be regulated, with classification based on their actual function rather than their technological form.

This approach mirrors regulatory trends in major countries like the U.S., Japan, and Germany, where NFT regulations are determined by their underlying substance and usage.

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