According to Forkast, South Korea’s top financial regulator the Financial Services Commission (FSC) said Wednesday that virtual assets or cryptocurrencies should not be termed “digital assets.” The FSC presented its conclusion to the country’s unicameral legislature, the National Assembly, in a review of proposals for the upcoming Digital Asset Act that targets crypto investor protection. The proposal for the Digital Asset Act recommended renaming virtual assets, which includes cryptocurrencies and non-fungible tokens (NFTs). But the FSC the term “digital asset” is an umbrella term encompassing virtual assets (cryptocurrencies) and central bank digital currency (CBDC), in line with the subcategorization used in the U.S. executive order that the Biden administration issued in March 2022. The FSC also held off from defining NFTs as a part of virtual assets under the term “digital assets,” as the regulatory body says the proposal is missing a clear definition of NFTs. South Korean regulators and lawmakers aim to enact the Digital Asset Act within this year. The Act is considered a subset of the Digital Asset Basic Act that strengthens protection for crypto users and tightens rules for service providers. The National Assembly discussion on the Digital Asset Act proposal is scheduled for Nov. 29.