Current Korean laws have not determined whether NFTs are virtual assets under the Act on Reporting and Use of Certain Financial Transaction Information (the Act) and leave it to the nature of the NFT for such determination. If an NFT is deemed a virtual asset, then the issuer will be determined as a virtual asset service provider (VASP).
D’LIGHT advised the client issuing an NFT about the risks of the NFT’s assessment as a virtual asset and the client as a VASP, based on the regulators’ guidelines and press releases in addition to the Act and its subordinate enforcement decree.
