S. Korean Regulator Says NFTs Are Not Virtual Assets: Report

Posted on by American Coins & Gold

S. Korean Regulator Says NFTs Are Not Virtual Assets: Report
South Korea’s Financial Services Commission (FSC) reaffirmed its view that non-fungible tokens (NFTs) generally do not fall under the definition of virtual assets and will not be regulated as such, according to a report from the Korea Herald.“According to the basic position expressed by the International Anti-Money Laundering Organization (FATF), NFTs are not regulated,” the report said citing an unnamed Financial Intelligence Unit (FIU) official.The FIU is the FSC’s anti-money laundering division and the Financial Action Task Force (FATF) is an international governmental body that drafts finance regulation, including on crypto.However, the official left the door open to NFT regulation…