Client A, a business that issues NFTs and supports trading on its platform, inquired whether NFTs qualify as virtual assets.  On June 10, 2024, the Financial Services Commission released the Guidelines for Determining Virtual Assets of NFTs, which states that NFTs are not virtual assets simply because they are NFTs, but whether they are virtual assets from a practical perspective. If an NFT is a virtual asset, the marketplace that trades it may be a virtual asset business that is subject to the Virtual Asset User Protection Act of the Specified Financial Transaction Information Act. Based on our expertise in virtual assets, Cha & Kwon Law Offices provided legal advice on whether the client's NFTs constitute virtual assets.