{"id":52387,"date":"2021-11-05T13:14:03","date_gmt":"2021-11-05T11:14:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52387"},"modified":"2025-09-03T09:58:09","modified_gmt":"2025-09-03T06:58:09","slug":"south-korean-authorities-exempt-nfts-from-cryptocurrency-regulation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korean-authorities-exempt-nfts-from-cryptocurrency-regulation\/","title":{"rendered":"South Korean authorities exempt NFTs from cryptocurrency regulation"},"content":{"rendered":"

South Korea’s Financial Services Commission (FSC) confirmed that non-fungible tokens (NFTs) generally do not fall under the definition of virtual assets and are not regulated as such. This was reported by Korea Herald<\/a>.<\/p>\n

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“According to the FATF’s original view, NFTs are not regulated,” said the FSC spokesperson to the publication.<\/p>\n<\/blockquote>\n

On 28 October FATF released revised guidelines<\/a> for the crypto industry. According to the document, NFTs do not fall under the FATF’s recommendations if they are used as collectibles rather than for payments and investments.<\/p>\n

The FATF noted that local regulators should in each case consider whether to apply crypto rules to these assets.<\/p>\n

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“To use them as a means of payment, one would have to issue a very large amount, but there are practically no reasons to do so, as NFTs are valued for their rarity,” said an FSC official.<\/p>\n<\/blockquote>\n

Earlier, South Korea authorities kept plans to introduce<\/a> a capital gains tax on cryptocurrency transactions from 2022. Both ruling party parliamentarians<\/a> and the opposition<\/a> called for delaying it.<\/p>\n

Subscribe to ForkLog news on VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s Financial Services Commission (FSC) confirmed that non-fungible tokens (NFTs) generally do not fall under the definition of virtual assets and are not regulated as such, according to the Korea Herald.<\/p>\n","protected":false},"author":1,"featured_media":52388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"NFTs are not regulated as virtual assets in Korea.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1213,36,974],"class_list":["post-52387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nft","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"NFTs are not regulated as virtual assets in Korea.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=52387"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52387\/revisions"}],"predecessor-version":[{"id":52389,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52387\/revisions\/52389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/52388"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=52387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=52387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=52387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}