Nfts
South Korea outlines guidelines for NFTs as virtual assets
South Korea outlines guidelines for NFTs as virtual assets
Reporting and compliance requirements
Entities issuing NFTs are now required to register their operations, with penalties for non-compliance.
Determining whether NFTs are considered securities or virtual assets will involve consulting South Korea’s “Symbolic Values Guidelines” provided by the Financial Services Commission. This assessment takes into account the type of content held by investors, with securities laws applying if the content is considered a security, regardless of format or technology.
The Financial Services Commission (FSC) also clarified that NFTs will be evaluated individually based on factors such as their trading potential, mass production, splitting potential and ease of use in transactions.
Failure to comply with these requirements may result in criminal penalties and the FSC encourages businesses that are unsure of the status of their NFTs to seek advice.
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Blockchain enthusiast and long-time gamer.
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