South Korean regulator FSC rules NFTs exempt from crypto laws
The Financial Services Commission (FSC), South Korea's top regulatory agency, stated that NFTs are not subject to the same rules as cryptocurrency assets, and this ruling may stimulate token issuers and blockchain gaming companies. The FSC has previously established separate regulations for CBDCs. Legislators have also enacted laws that distinguish digital legal tender from tokens such as Bitcoin (BTC). The FSC claims that because NFTs are unique and irreplaceable, most NFT transactions are primarily for the purpose of collecting, so they pose limited risks to the financial system.
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