In South Korea, NFTs may begin to be regulated like cryptocu

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In South Korea, NFTs may begin to be regulated like cryptocurrencies. But not all. Local media reports that the Financial Services Commission (FSC) today announced NFT guidelines containing such information. According to the regulator, it can classify an NFT as a cryptocurrency if it can be used to pay for goods and services and has a circulation of about 1 million units. However, NFTs that cannot be used to pay for goods and services (such as NFT tickets) will be classified as regular NFTs. And some NFTs can be classified as a security if they meet the characteristics specified in a country's Capital Markets Law. The key conclusion is that the implementation of regulation continues. And, probably, 2024 will be the year when this issue will be closed in key jurisdictions for the crypto market (South Korea in particular). It is interesting that previously there was a widespread expectation that regulation would be the “black swan” that would cause a dump (global long squeeze) before the start of the bullrun. But it does not yet appear that the scale, pace and stages of this process are capable of causing such a surge in volatility.

In South Korea, NFTs may begin to be regulated like cryptocurrencies. But not all.
Local media reports that the Financial Services Commission (FSC) today announced NFT guidelines containing such information. According to the regulator, it can classify an NFT as a cryptocurrency if it can be used to pay for goods and services and has a circulation of about 1 million units.
However, NFTs that cannot be used to pay for goods and services (such as NFT tickets) will be classified as regular NFTs.
And some NFTs can be classified as a security if they meet the characteristics specified in a country's Capital Markets Law.
The key conclusion is that the implementation of regulation continues. And, probably, 2024 will be the year when this issue will be closed in key jurisdictions for the crypto market (South Korea in particular).
It is interesting that previously there was a widespread expectation that regulation would be the “black swan” that would cause a dump (global long squeeze) before the start of the bullrun. But it does not yet appear that the scale, pace and stages of this process are capable of causing such a surge in volatility.