South Korea’s Financial Services Commission (FSC) will consider NFTs as virtual assets from July 19. NFTs used for payments and exchanges will be recognized and eligible to accrue interest when deposited in exchanges. The news clarifies the situation of NFTs in the FSC’s guidelines published last year.
National governments and authorities across the globe are scurrying to accommodate the crypto world into their financial systems. Many are formulating new regulations, while some are revising existing ones. A recent example is South Korea’s FSC, the country’s financial institution overseeing its economic activities, releasing new regulations.
Last year, FSC devised the guidelines to allow for the developments in the cryptocurrency market. These guidelines also include considerations of NFTs