[South Korea releases guidelines defining NFTs and virtual assets] Golden Finance reported that the Financial Services Commission and the Financial Supervisory Service of South Korea announced new guidelines today on how to include NFTs in the scope of the upcoming Virtual Asset User Protection Act. Previously, the financial authorities announced through the "Virtual Asset User Protection Act Enforcement Order" that NFTs are not virtual assets. This principle has been retained, but in the case of NFTs, it actually has the characteristics of virtual assets and they may be considered virtual assets. Companies that issue NFTs (virtual assets) must report their business to the competent authorities as virtual asset businesses. The Financial Services Commission has published NFT guidelines containing such information. First, after the implementation of the "Virtual Asset User Protection Act", NFTs that are generally traded for the purpose of "content collection" will be excluded from the scope of 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, we look at whether the NFT is a security, and then we look at its essence to see if it is a virtual asset.