Cha & Kwon Law Offices examined guidelines for listing examination and compensation of VASPs’ new coins.

Article 10-20 of the Enforcement Decree of the Act on the Reporting and Use of Specific Financial Transaction Information stipulates the obligations that VASPs must take. For instance, they must not handle virtual assets issued by specially related persons or any virtual assets whose transfer records cannot be verified, so-called dark coins.

That is, any VASPs shall not: 1. broker or mediate in dealing or exchanging virtual assets issued by oneself or specially related persons, as defined under the Enforcement Decree of the Commercial Act, to effectively prevent money laundering and financing of terrorism, 2. handle a virtual asset of which the transfer record cannot be identified when the virtual asset is transferred from one virtual asset address to another (dark coin).

Cha & Kwon Law Offices thoroughly reviews the guidelines on listing examination and compensation for VASPs’ new coins to prevent the above precautions from becoming issues for our clients. Consult with Cha & Kwon Law Offices regarding legal matters pertaining to VASPs to minimize legal risks.