South Korean has no plans to regulate the NFT market

by in Cryptocurrency News

South Korea

The NFT token market is not of interest to the Korean authorities. The country's Financial Services Commission (FSC) does not consider such instruments as assets and will not impose a specific regulatory framework for them.

The NFT ecosystem has been growing steadily over the past few days. Show business figures and athletes, as well as institutions involved in the digitization of various assets, contribute to its expansion.

The Korean regulator adheres to the position published by the Financial Action Task Force (FATF). At the end of October, this organization presented a report in which it called for the consideration of NFT tokens as crypto collections.

Trending: Buterin urged Terra to focus on compensation to small investors

The FSC spokesman told reporters that the commission is going to adhere to the recommendations that were voiced by the FATF.

NFT tokens cannot be used to pay for goods and services, so there is no need for legal recognition of such tools and the implementation of the regulatory framework.

Note that the South Korean authorities are tightening control over the cryptosphere. Their particular attention is drawn to bitcoin exchanges, which are systematically attacked by supervisory authorities.