05/11/2021 S. Korean Regulator Says NFTs Are Not Virtual Assets: Report

Seoul will follow FATF guidance on the matter of NFTs and its regulation.

South Korea’s Financial Services Commission (FSC) reaffirmed its view that non-fungible tokens (NFTs) generally do not fall under the definition of virtual assets and will not be regulated as such, according to a report from the Korea Herald.

  • “According to the basic position expressed by the International Anti-Money Laundering Organization (FATF), NFTs are not regulated,” thereportsaid citing an unnamed Financial Intelligence Unit (FIU) official.
  • The FIU is the FSC’s anti-money laundering division and the Financial Action Task Force (FATF) is an international governmental body that drafts finance regulation, including on crypto.
  • However, the official left the door open to NFT regulation in some cases, as outlined in the FATF’s definition.
  • According to FATF’slatest guidance, NFTs are not virtual assets and don’t fall under its regulatory framework for crypto as long as they are used as “collectibles rather than as payment or investment.” Countries should consider whether NFTs are covered by FATF standards on a case-by-case basis, said the task force.
  • Some NFTs are only digital collectibles in name and marketing, when in reality they are being used for investment or payment, the FATF warned regulators. Other NFTs that are not virtual assets, but are digital representations of assets regulated by the FATF, the task force said.
  • “In order to be used as a payment method, a very large amount must be issued, but there is virtually no reason to make it an NFT that values scarcity,” the FIU official said.
  • Despiteregulatory ambiguity, the NFT industry has flourished in the intellectual property-rich country, with superstar band’s BTS agencyannouncingplans to enter the industry yesterday.
  • S. Koreaimplementeda stringent registration framework for crypto exchanges in September, excluding dozens of firms from operating in the country.
Arts

https://www.coindesk.com/policy/2021/11/05/s-korean-regulator-says-nfts-are-not-virtual-assets-report/

Interesting NFTs
The Pixel
The Pixel is a single pixel statement. It is created to validate. The Pixel is a digitally native artwork visually represented by a single pixel (1x1). It is a token that signs the most basic unit of a digital image in a traditional global auction house. It is a tiny mark to carry digitally native art to a potential future history.
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By OthersideDeployer
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Time flies. I can't stop my thoughts. Everything I can think of is here. Can you read my mind? Don't try to understand, enjoy.
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A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
Like a Human 1 #3/3
Creative Challenge - 0xCert Collaboration