Innovation versus regulation
Blockchain technology continues to be leveraged in South Korea's arts and entertainment arena, with a particular focus on gaming. Recent examples include Kakao partners with Oasys and Delabs' RPG 'Metabolts' generating a stir with its inaugural nft drop.
However, the legal status of the use of Web3 technology remains uncertain, sparking debates over whether it should be exempt from future regulations due to its speculative nature and classification ambiguity.
Developers and investors believe that creating regulations for such virtual assets can hinder innovation and make it difficult for small and medium-sized businesses to enter the market. Privacy issues are also major concerns. Close monitoring of nft transactions raises fears of extensive surveillance and data collection.
Notably, earlier this year, South Korea's Financial Services Commission warned against brokering spot bitcoin ETFs on international exchanges, prompting companies such as Mirae Asset Securities and Samsung Securities to stop offering trading services. intermediation for these funds.
As global regulators continue to explore digital finance, the community awaits the results of the upcoming talks. South Korea's Virtual Asset Law could undergo fundamental changes following these discussions, impacting the broader digital economy.
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