The Korean regulator bases its decision on the updated FATF guidelines
The reason behind the decision to not to regulate NFTs came after reviewing the updated Financial Action Task Force (FATF) guidelines. The FATF's report said, "NFT or crypto-collectibles depending on their characteristics are generally not considered to be Virtual Assets." On November 5, an official from a branch of the FSC told reporters, "Due to the FATF position on NFT regulation, we will not issue regulations for NFTs."The Korean financial regulator based its decision on the fact that the FATF considers NFTs to be "unique rather than interchangeable" and that they are used as collectibles not as a currency.
Not everyone is happy with the decision
Not everyone agrees. In the South Korean media experts claim that NFT prices can be manipulated and used to launder money. Since they are not considered virtual assets, issuers do not have to meet anti-money laundering obligations. Koreans also do not have to pay taxes on NFTs, although they will pay taxes on cryptocurrencies starting next year.Dunamu and its new partner Hybe, on the other hand, should be pleased with this decision, as they plan to enter the NFT arena with collectibles based on the wildly popular K-pop group BTS. Hybe is the entertainment conglomerate behind the group and recently announced that it will acquire a 2.5% stake in Dunamu valued at $423.1 million. Dunamu will acquire a 5.6% stake in Hybe worth $592.4 million as part of the deal. The BTS NFT photocards will be available on Weverse, the app that connects K-Pop fans to their favorite bands and singers.
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