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
Genesis
JosĂ© Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
trump 2020
This is a photo i took of my son playing around in one of our cat carriers, redressed to express the concern and damage the continuation of the trump administration could bring to the world in 2020 and beyond. Unlike the majority of my historic work found on opensea, all content was conceived and taken by me, so felt perfect to use as my first piece on Known Origin.
CryptoKitties
Aloha! I'm Kitty #375028. I believe the world is flat. I'm often described as raunchy, and I own it. I think you'll love me beclaws I have cattitude.
Ushibori in Hitachi Province, from the series Thirty-six Views of Mt. Fuji
Katsushika Hokusai (1760-1849) Ushibori in Hitachi Province, from the series Thirty-six Views of Mt. Fuji 1832 - Japan