Published: 14.04.2022
Article reading time:
1 min.
The Ministry of Culture, Sports and Tourism of South Korea is going to fulfill the president’s election promises by protecting the rights of NFT owners and visitors to the metaverses.
The Ministry has launched a tender among copyright law firms to investigate the possibility of copyright protection in the non-fungible token and Web3 market. The Ministry of Culture explained that this study will be the first step towards fulfilling the promises made by the new President Yoon Suk-yeol during his campaign.
The Ministry assures that they are now actively discussing the development of the NFT and the metaverses with the president’s team. The president promised to “develop a new concept of the digital asset market through the adoption of NFTs.” Yoon Seok Yeol explained that he wants to help the development of blockchain technology, revitalize the token economy in order to keep up with the global metaverse ecosystem, which is “becoming the industry of the future.”
Alas, in South Korea, collectible tokens are often traded without the consent of the copyright holder.
“We plan to find alternative solutions to the copyright problem that arises due to the emergence of new technologies such as the metaverse and NFTs. Including the problem of tokens issued without the consent of the copyright holder,” the department said.
South Korea plans to toughen prosecution for tax evasion on cryptocurrency income. South Korea’s National Tax Agency held consultations with the tax authorities of Bulgaria and the UK in March.
Source: Bits
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