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<h4><strong>News1 <a href="https://www.news1.kr/articles/?5442047" target="_blank" rel="noopener">reported</a> on June 10 that the FSC clarified NFTs would be treated like cryptocurrencies.</strong></h4> 
<p>This is unless they exhibit distinct characteristics that differentiate them from virtual assets.</p> 
<h4><strong>FSC Clarifies Treatment of NFTs</strong></h4> 
<p>The guidelines specify that NFTs that are mass-produced, divisible, and can function as a medium of exchange will fall under the category of virtual assets. However, NFTs deemed to have little to no intrinsic value, such as those used for ticketing or digital certificates, will be classified differently as general NFTs.</p> 
<p>Jeon Yo-seop, head of Financial Innovation Planning at the FSC, <a href="https://www.yna.co.kr/view/AKR20240610071100002?input=1195m" target="_blank" rel="noopener">explained</a> in an interview the rationale behind the classification. He highlighted the potential for high-volume NFT collections to facilitate transactions, envisioning scenarios where large quantities of NFTs could serve as a viable payment method. However, he noted NFT classification would be case-by-case, with no set standard.</p> 
<p><img decoding="async" class="wp-image-143039 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvxbgfdfsdfr-266x300.jpg" alt="" width="446" height="503" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvxbgfdfsdfr-266x300.jpg 266w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvxbgfdfsdfr-373x420.jpg 373w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cvxbgfdfsdfr.jpg 393w" sizes="(max-width: 446px) 100vw, 446px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/getkoinx/status/1650405055009558539" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Moreover, FSC guidelines hint NFTs may be securities per Korean law. This regulatory approach aims to provide a<a href="https://www.altcoinbuzz.io/?s=regulation" target="_blank" rel="noopener"> comprehensive framework</a> for evaluating the nature and function of NFTs within the broader financial ecosystem.</p> 
<p>The FSC’s decision underscores South Korea’s proactive stance in adapting its regulatory framework to accommodate the evolving digital asset landscape. By delineating clear criteria for categorizing NFTs, the FSC seeks to enhance investor protection and foster innovation while ensuring compliance with existing financial laws.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone size-full wp-image-123700" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/south-korea-defines-nfts-as-virtual-assets/">South Korea Defines NFTs as Virtual Assets</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

South Korea Defines NFTs as Virtual Assets

Altcoin Buzz

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