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South Korea to Meet with SEC Chair to Talk NFTs and BTC ETFs


Innovation vs. Regulation

Blockchain technology continues to be leveraged in South Korea’s art and entertainment realm, with a particular emphasis on gaming. Recent examples include Kakao partnering with Oasys and Delabs’ ‘Metabolts’ RPG generating buzz with its inaugural NFT drop.

However, the legal status of leveraging Web3 technology remains uncertain, sparking debates on whether it should be exempt from forthcoming regulations due to its speculative nature and classification ambiguity. 

Developers and investors believe that creating regulations for such virtual assets may hinder innovation and make market entry harder for small and medium businesses. Privacy issues are significant concerns, too. Close monitoring of NFT transactions raises fears of extensive surveillance and data gathering.

Notably, earlier this year, South Korea’s Financial Services Commission warned against brokering Spot Bitcoin ETFs from international exchanges, leading firms like Mirae Asset Securities and Samsung Securities to stop offering brokerage services for these funds.

As global regulators continue to explore digital finance, the community awaits the results of upcoming talks. South Korea’s Virtual Asset Act could see fundamental changes after these discussions, impacting the broader digital economy.

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