![Today&#;s Crypto Prices April : Bitcoin CS is on](https://todaysgist.com/wp-content/uploads/2024/04/Today39s-Crypto-Prices-30-April-2024-Bitcoin-CS-is-on.jpg)
![Today&#;s Crypto Prices April : Bitcoin CS is on](https://todaysgist.com/wp-content/uploads/2024/04/Today39s-Crypto-Prices-30-April-2024-Bitcoin-CS-is-on.jpg)
South Korean Crypto Firm to Evaluate 1,300 Coins in Circulation
Follow Us @
South Korean Crypto Firm to Evaluate 1,300 Coins in Circulation
Previously, South Korea's Financial Services Commission (FSC) has launched new regulations that classify certain Non Fungible Tokens (NFTs) as virtual assets, similar to cryptocurrencies.
As reported by Yahoo Finance, Tuesday (11/6/2024), announced on Monday, the guidelines stipulate that NFTs that are mass-produced, divisible, and can be used for payments will be subject to this new categorization.
The regulatory move aims to provide clarity in the growing digital asset sector and ensure certain NFTs are governed by the same rules as traditional cryptocurrencies.
Crypto-Like Use of NFTsThe FSC guidelines are a response to the increasing use of NFTs in ways that mirror cryptocurrencies, targeting cryptocurrencies that are fungible and do not have unique characteristics.
The FSC said it would review NFT collections on a case-by-case basis to determine their classification, indicating a tailored regulatory approach rather than a blanket policy.
The decision reflects South Korea’s recognition of the diverse functions of digital tokens, potentially leading to a more regulated and stable NFT market, as well as offering clearer direction for creators and investors.
The announcement precedes the implementation of South Korea's comprehensive crypto regulation, the Virtual Asset Users Protection Act, which is scheduled for July 19, 2024.
This act is designed to curb illegal activity in the crypto space and requires crypto service providers to protect user deposits, primarily through cold storage, and to participate in insurance schemes to compensate users in the event of security breaches.
South Korean Crypto Firm to Evaluate 1,300 Coins in Circulation
Follow TODAYSGIST on Google News and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
#South #Korean #Crypto #Firm #Evaluate #Coins #Circulation
- usa today entertainment3 months ago
Angry Birds Mystery Island (TV series 2024) Download Mp4 ▷ Todaysgist
- usa today entertainment3 months ago
Tour de France Unchained (2023) (French) (TV series) Download Mp4 ▷ Todaysgist
- usa today entertainment3 months ago
Mayor of Kingstown (TV series 2021) Download Mp4 ▷ Todaysgist
- Trend tech & Telecoms3 months ago
4 Indonesian Free Fire Teams Ready to Compete in the 2024 Esports World Cup
- usa today entertainment3 months ago
Raising Voices (2024) (Spanish) (TV series) Download Mp4 ▷ Todaysgist
- usa today entertainment3 months ago
Worst Roommate Ever (TV series 2022) Download Mp4 ▷ Todaysgist
- usa today entertainment3 months ago
Hitler and the Nazis, evil on trial (TV series 2024) Download Mp4 ▷ Todaysgist
- usa today entertainment3 months ago
Shoresy (TV series) Download Mp4 ▷ Todaysgist