Korean Regulators and Gary Gensler Discuss NFTs and Crypto ETFs

The head of the South Korean financial regulatory agency will meet with Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, in May of this year to discuss the classification of non-fungible tokens (NFTs) and approve spot bitcoin exchange-traded funds. Currently, South Korea does not classify NFTs as "virtual assets" because the government believes that their impact on the financial market is minimal compared to cryptocurrencies. Lee Bok-hyun, the head of the Financial Supervisory Service, plans to discuss whether NFTs should be legally classified as virtual assets with Gensler, as speculation surrounding NFTs increases with the value of major cryptocurrencies.