As FATF recently disclosed new guidelines on NFT, DeFi, etc, the importance of defining NFT as virtual asset is emerging within the judicial circle. Ohoon Kwon partner attorney analyzed that ‘since TAFT guideline classifies NFT as virtual asset if it has strong investment characteristic, NFT contents should be seen as virtual assets if value is imposed upon them and is being exchanged.’

Attorney Ohoon Kwon expressed his opinion that NFT will be classified as virtual asset under the Act On Reporting and Using Specified Financial Transaction Information. He also expects that the possibility of NFTs being classified as “virtual asset” will only become higher if exchanging digital form of certain assets to places such as external platforms become possible. [Digital Today 2021-11-07]

URL: Omnidirectional Expansion of NFT…. Is it Virtual Asset or Not?