Business Feasibility of “Patent NFT”—Must Compromise to Comply With Regulation

It is becoming more evident that it is important to find a compromise between business performance and regulatory compliance for patent non-fungible tokens (NFT) to succeed. At “The Next NFT 2023 Conference,” partner attorney Ohoon Kwon emphasized the need to clearly distinguish the legal nature of NFTs and the importance of relevant regulations that are in line with such distinctive nature of NFTs. He also noted that if NFTs are classified as virtual assets, they will be obligated to be reported to the authorities based on the money laundering provisions of the Act on Reporting and Using Specified Financial Transaction Information.

URL: Business Feasibility of “Patent NFT”—Must Compromise to Comply With Regulation