South Korea’s move to criminalize crypto referral influencers has sparked debate over its legal basis, particularly regarding how referral activities are classified under existing virtual asset regulations. Referral operators typically promote overseas exchanges by sharing signup links and receive commissions linked to user activity, without directly engaging in trading operations.

Ohoon Kwon, Managing Partner at Cha & Kwon Law Offices, argues that such referral operators are merely marketing agents, not intermediaries that execute trades. He emphasizes that these actors do not match buy and sell orders or operate trading platforms, and therefore should not be treated as unregistered virtual asset exchanges.

Rather than relying on blanket criminalization, Kwon calls for tailored legislation and a licensing framework that properly reflects the nature of referral businesses. He stresses the need for clearer legal distinctions to regulate crypto referral activities in a more balanced and predictable manner. (토큰포스트 2026. 01. 15.)

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