South Korean authorities Hire Lawyers to protect NFT and met | NFT / BTC / DEFI News 📣
South Korean authorities Hire Lawyers to protect NFT and metaverse Market Participants
The Ministry announced a tender among law firms specializing in copyright protection to investigate the possibility of copyright protection in the market of non-interchangeable tokens and Web3.
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 election campaign.
The Ministry assures that they are now actively discussing the development of NFT and metaverses with the president's team. The President promised to "develop a new concept of the digital asset market through the adoption of NFT."
Yun Seok-el explained that he wants to help the development of blockchain technologies, revitalize the token economy in order to keep up with the global ecosystem of metaverses, 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 copyright issues arising from the emergence of new technologies, such as the metaverse and NFT. Including the problem of tokens issued without the consent of the copyright holder," the agency said.
South Korea plans to tighten the prosecution for tax evasion on income from cryptocurrencies. The National Tax Agency of South Korea held consultations with the tax services of Bulgaria and the UK in March.
