South Korea’s Financial Services Commission (FSC), a publicly released statement, today reiterated that nonfungible tokens (NFT), are not virtual asset and will not need regulation.

The confirmation of the decision to keep NFTs unregulated came after a review of the Financial Action Task Force’s (FATF) updated guidelines. 28 October FATF guidance report states that “NFT, or crypto-collectibles, depending on their characteristics are generally not considered to be [Virtual Assets].”