South Korea to release NFT Policies following Recent Presidential Elections

South Korea’s Ministry of Culture, Sports and Tourism recently revealed an announcement in line with Pres. Yoon Suk-yeol’s promise to boost the metaverse ecosystem. The Ministry stated that it will be adopting a non-fungible (NFT) copyright policy to increase regulations for the new asset class.

The policy aims to assist the country in dealing with the rise of fake NFTs in the government’s attempt to become more crypto-friendly. According to a report by Ajunews, Suk-yeol has campaigned for a more inclusive economy as he vows to “nurture a new concept digital asset market through NFT activation.” Additionally, the incoming president stated that he will revitalize the token economy once elected.

South Korea’s NFT announcement came on April 12 where it revealed an order for “metaverse/NFT-related copyright issues research service.” Simultaneously, the ministry is preparing for “the selection of a company and the formal contract process.”

In its news report, Ajunews stated that the ministry and the Presidential Transition Committee are currently assessing policies relating to NFTs. “It is a stage where we are continuously discussing the NFT policy with the takeover committee,” explained an unnamed official from the ministry.

The official adds that these efforts are meant to ensure the country’s financial stability as it comes up with solutions to the copyright issues often found in the NFT space.

Source: Bitcoin News