South Korea’s Financial Services Commission (FSC), announcing in a statement that November 5, nonfungible tokens (NFT), were not virtual assets and won’t be regulated, reiterated this.

The confirmation of the decision to keep NFTs unregulated came after a review of the Financial Action Task Force’s (FATF) updated guidelines. October 28, 2008 FATF guidance report states that “NFT, or crypto-collectibles, depending on their characteristics are generally not considered to be [Virtual Assets].”