PANews reported on June 10 that according to Korean media News1, as South Korea's "Virtual Asset User Protection Act" will take effect on July 19, guidelines on whether NFTs are virtual assets have been issued. Previously, the "Virtual Asset User Protection Act Enforcement Order" passed by the financial authorities announced that NFTs are not virtual assets, and this principle remains unchanged. But in fact, NFTs with the nature of virtual assets may be regarded as virtual assets. Companies that issue NFTs need to report to the official authorities as virtual asset operators. NFTs that are issued on a large scale, divisible, and used as a means of payment are virtual assets. For NFTs with unclear boundaries, the application of the law depends on the essence of the NFT, which is determined in the order of "securities → virtual assets". First determine whether the NFT is a security, and then look at its essence to determine whether it is a virtual asset.