If you happened to drop by the crypto space on social media in recent weeks, NFTs, short for non-fungible tokens, look to be the latest Ethereum-based assets that are steadily gaining at both popularity and price.And while NFTs, especially in their current iteration of being tokenized or an in-game asset, are currently attracting both staunch supporter and critics in equal measure; its regulatory feature remains an untouched, uncharted zone as of yet.However, a recent report out of South Korea might shed some light on that particular aspect — the country’s regulators have remained largely wary of the NFT space and even passed judgment to disallowed a local blockchain game from distributing its NFTs to users.Delays…and more delaysAs per inews24, the Korean “Game Management Committee” is reportedly delaying the rating and licensing of all blockchain games developed in the country. This is despite Korea considering blockchain technology as a potential creator of employment in the country and even launching a $400 million fund dedicated to similar tech, such as AI.Last month on August 18, developers of the blockchain game “Five Stars” were notified by the Committee that the game’s rating was delayed for a few days until August 21. They had applied in July and had got the tentative date of August 17 for a game review, which didn’t take place.
“In fact, it is highly probable that it will be delayed indefinitely until the enforcement of the Special Money Act.”
Decentralized indecisionThe Game Committee has already requested SkyPeople for additional explanatory data on “blockchain functions” several times over two months. SkyPeople explained in the regard, “Even though the Game Committee submitted supplementary data several times to understand the blockchain and NFT, it was frustrating because the deliberation conclusion could not be reached.”
