South Korea Develops Guidelines to Classify NFTs Ahead of Virtual Asset User Protection Act

South Korea’s financial authorities have begun developing guidelines for classifying non-fungible tokens (NFTs). The move is aimed at resolving legal uncertainty with less than two months to go before the enforcement of the Virtual Asset User Protection Act, which defines NFTs. Critics have pointed out that there are many types of NFTs, such as memberships, tickets, and artwork, so specific guidelines are needed. “It’s important to see how specific the guidelines will be,” said Ohoon Kwon, partner attorney at Cha & Kwon Law Offices. 

URL : South Korea Develops Guidelines to Classify NFTs Ahead of Virtual Asset User Protection Act